Ticonderoga Securities Upgrades Morgan Stanley (MS) to Buy; Improving Market Will Help Valuation And Capital Options

October 29, 2010 9:40 AM EDT Send to a Friend
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Price: $38.10 +3.73%

Rating Summary:
    10 Buy, 14 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 21 | Down: 43 | New: 52
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Ticonderoga Securities upgrades Morgan Stanley (NYSE: MS) from Neutral to Buy. PT $29.

Ticonderoga analyst says, "The rating change is driven by improved comfort over Basel III capital, clear signs of a cyclical improvement for both equity capital markets and retail, and a severely discounted valuation (0.9x TBV). While we still see MS trading well below historical averages, the aforementioned reasons lead us to believe that a slight premium to tangible book value is more than reasonable. With tangible book value at $26.50 at the end of Q3 2010, we believe a target of $29 or 1.1x tangible book value is warranted. This implies ~17% upside from current levels."

To see all the upgrades/downgrades on shares of MS, visit our Analyst Ratings page.

Shares are currently trading at $24.85, down $0.01 (-0.04%)


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