Morgan Stanley (MS) PT Raised to $103 at BMO Capital

BMO Capital analyst James Fotheringham raised the price target on Morgan Stanley (NYSE: MS) to $103.00 (from $100.00) while maintaining an Outperform rating.

The analyst commented, "Following MS's better-than-expected 2Q23 result, we increase our forward estimates 1-2% and raise our target price to $103 (from $100). Following two lackluster quarters for capital markets, MS noted the emergence of “green shoots” across its businesses, supportive of a near-term improvement in deal activity; let it be. WM remains the bright spot, with better-than-expected NII trends, robust NNA growth of +$90 billion (slightly ahead of expectations), improving retail sentiment, and the near-term culmination of the E*TRADE integration; all will prove supportive of WM margin expansion through 2H23E/2024E."

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