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Home » Morgan Stanley » CFRA Keeps Buy Opinion On Shares Of Morgan Stanley

CFRA Keeps Buy Opinion On Shares Of Morgan Stanley

Posted on October 18, 2023 By legume No Comments on CFRA Keeps Buy Opinion On Shares Of Morgan Stanley

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), EMEA -1% (11%), and Asia -2% (12%). MS has a $20.0B buyback plan. The bank repurchased $4.0B in the first nine months of 2023 and increased the dividend by 7.5 cents to $0.85, effective August 15. The ROE CET 1 ratio was 16.1% in Q3 2023.

Financials Tags:Morgan Stanley

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