Nomura Securities Offers Quick Look At Morgan Stanley (MS) Q2 Results

Nomura Securities' analyst Glenn Schorr offered some quick comments following results out of Morgan Stanley (NYSE: MS) this morning.

Schorr noted that the results were better-than-expected and better than most peers due to great investment banking and equity trading results and progress in FICC.

He also noted that leverage came down to 14.4x; capital rations were boosted, with book now at $26.61. While VAR rose 20% quarter-over-quarter, GWM margins are still 9% and are still 9% and there were ~$250 million in gains across the IB & asset management.

"We think this quarter is definitely good enough to provide some relief from the stock’s recent underperformance and could see the shares lift towards tangible book," Schorr said. However he is maintaining his Neutral rating and $25 price target.

For more ratings news on Morgan Stanley click here and for the rating history of Morgan Stanley click here.

Shares of Morgan Stanley closed at $20.98 yesterday.

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