Pali Research Upgrades Morgan Stanley (MS) to Buy
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Pali Research upgrades Morgan Stanley (NYSE: MS) from Neutral to Buy with a $33 price target, saying we are moving closer to the turnaround.
The firm cited three reason for the upgrade:
- MS's strategic shift towards more of a focus on advisory, distribution and retail will be monetized sooner than previously expected; capital markets activity appears to be gaining some traction;
- while CRE exposures are still a concern, we believe the risk has been mitigated somewhat by MS's $3.5bn common equity raise and the issuance of $4bn of non-FDIC backed notes.
- Recent REIT equity offerings have also alleviated some concern.
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