Financials

CFRA Reiterates Buy Opinion On Shares Of Nasdaq, Inc.

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We decrease our 12-month target price by $2 to $61, applying a forward P/E of 20.5x our 2024 EPS estimate, slightly below NDAQ’s five-year average forward P/E of 21.4x. We increase our 2023 EPS estimate by $0.02 to $2.85 and reduce 2024’s by $0.08 to $2.98. NDAQ posted adjusted Q3 EPS of $0.71 vs. $0.68 a year ago, $0.03 above consensus. Continued momentum was seen in Anti-Financial Crime (+21%Y/Y) with an exciting 47 new small and medium customers getting signed by Verafin in the quarter. Although the segment’s third quarter operating margin of 33% sits well below NDAQ’s firm wide margin of 52%, we remain optimistic as economies of scale should lead to outsized improvement. More modest growth was seen in Capital Access Platforms (+8%) as strong […]

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CFRA Keeps Buy Opinion On Shares Of Morgan Stanley

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: MS results highlight doldrums in the capital markets with lower market volatility and less risk-taking by investors. We lower our target price by $6 to $90 on forward P/E of 12.7x, which reflects a hybrid valuation of part investment bank and part asset/wealth management firm. We keep our 2023 EPS at $5.90 and 2024’s at $7.10. MS posted Q3 2023 EPS of $1.39, a $0.07 consensus beat. Wealth Management unit realized -4% revenue decline Y/Y (48% of Q3 2023 revenue), with Investment Management +14% (10%) and Institutional Securities -3% (42%). Investment banking realized lower M&A fees (-1% Y/Y), debt underwriting -36% due to lower event-driven high-yield activity and muted equity underwriting +5%. Equity trading was -2% and FICC +13%. America’s revenue was -1% Y/Y (77% of total),

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Morgan Stanley Third Quarter 2023 Earnings Results

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Morgan Stanley Third Quarter 2023 Earnings Results Morgan Stanley Reports Net Revenues of $13.3 Billion, EPS of $1.38 and ROTCE of 13.5% NEW YORK—-October 18, 2023– Morgan Stanley (NYSE: MS) today reported net revenues of $13.3 billion for the third quarter ended September 30, 2023 compared to $13.0 billion a year ago. Net income applicable to Morgan Stanley was $2.4 billion, or $1.38 per diluted share,(1) compared to net income of $2.6 billion, or $1.47 per diluted share,(1) for the same period a year ago. James P. Gorman, Chairman and Chief Executive Officer, said, “While the market environment remained mixed this quarter, the Firm delivered solid results with an ROTCE of 13.5%. Our Equity and Fixed Income businesses navigated markets well, and both Wealth and Investment Management produced higher revenues and profits year-over-year. We completed the integration of E*TRADE in the quarter, further executing on our strategy of building revenue

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Nasdaq, Inc. (Nasdaq: NDAQ) Reports Third Quarter 2023 Results

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NEW YORK, Oct. 18, 2023 — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the third quarter of 2023. — Third quarter 2023 net revenues1 increased 6% compared to the third quarter of 2022. Solutions Businesses2 revenues increased 9%, with organic growth3 of 8%. — Annualized Recurring Revenue (ARR)4 increased 6% compared to the third quarter of 2022. Annualized SaaS revenues increased 11% and represented 37% of ARR. — Anti-Financial Crime revenue increased 21% compared to the third quarter of 2022. Growth reflects continued Verafin adoption by small and medium banks, an expansion with an existing Tier 2 financial institution, and Surveillance solutions customer growth including Tier 3 banks and retail brokers. — Third quarter 2023 GAAP diluted earnings per share increased 2% compared to the third quarter of 2022. Third quarter 2023 non-GAAP3 diluted earnings per share increased 4% compared to the third quarter of 2022. — Nasdaq

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CFRA Keeps Hold Rating On Shares Of Bank Of America Corporation

/ / Financials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our target by $1 to $33 on a forward P/E of 9.7x our 2024 EPS view, in line with peers. We up our 2023 EPS by $0.10 to $3.55 and 2024’s by $0.15 to $3.40. BAC posted Q3 2023 EPS of $0.90, an $0.08 earnings beat. We see total revenue of $100.7B (prior $99.8B) in 2023 and $100.4B ($98.9B) in 2024. In Q3 2023, total loans rose 2% and total deposits of $1.9T eased 3%. Total net interest income (NII) rose 4% Y/Y and was up 2% Q/Q, while noninterest income was flat Y/Y and -2% Q/Q. Compared to NII of $14.4B in Q3, BAC is guiding for NII of $14.0B in Q4 and similar levels in 2024’s 1H quarters, rising moderately in 2H. Consumer

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