Citi analyst Keith Horowitz downgraded Morgan Stanley (NYSE: MS) from Buy to Neutral with a price target of $48.00.

• Believes the equity is fair valued.
• Likes the strong Q1 results on the heels of FICC and expense management.

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 $48.26 yesterday.