UPDATE: Deutsche Bank Downgrades Morgan Stanley (MS) to Hold

(Updated - March 16, 2012 7:14 AM EDT)

Deutsche Bank downgrades Morgan Stanley (NYSE: MS) from Buy to Hold and cut its price target from $28 to $22.

The firm comments, "while the gains over the past few months were warranted and we still expect the firm to eventually get closer to adjusted TBV, given a still mixed macro/reg outlook, a challenging outlook for FICC for the non-top five players, & a relative rating/rev mix headwind, we expect returns and valuation to remain challenged and see limited upside."

2012 & 2013 EPS estimates are unchanged at $2.15 & $2.60

For an analyst ratings summary and ratings history on Morgan Stanley click here. For more ratings news on Morgan Stanley click here.

Shares of Morgan Stanley closed at $19.51 yesterday.

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