We're lowering our price target on Morgan Stanley as shares tumble on earnings results

  • 📰 CNBC
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 72%

Business News News

Business Business Latest News,Business Business Headlines

The bank reported better-than-expected third-quarter results Wednesday, even as investors were disappointed over its wealth management business.

Morgan Stanley reported better-than-expected third-quarter results Wednesday, even as investor disappointment over its wealth management business and the prolonged slump in investment banking weighed heavily on shares — prompting us to lower our price target on the Club holding. While it's fair to see the stock trade down on the earnings report, the punishment looks too aggressive ahead of what should be a much better 2024 for the investment-banking industry.

Institutional securities Investment banking revenues fell 27% from last year, as lower advisory revenues and fixed-income underwriting revenues were partially offset by higher equity underwriting. Advisory levels declined due to fewer completed M & A transactions, while fixed-income underwriting revenues were lower primarily due to lower event-driven, non-investment grade activity. Equity-underwriting revenues grew despite lower revenues from IPOs, mainly due to higher block offerings.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. stocks open lower as investors weigh Morgan Stanley earnings, housing-market dataChristine Idzelis is a markets reporter at MarketWatch and is based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »

Morgan Stanley’s Earnings Fall 9% on Lower Investment-Banking RevenueFees from advising corporate clients on mergers and acquisitions fell by more than 30%
Source: WSJ - 🏆 98. / 63 Read more »

Morgan Stanley’s Earnings Fall 9% on Lower Investment-Banking RevenueFees from advising corporate clients on mergers and acquisitions fell by more than 30%
Source: WSJ - 🏆 98. / 63 Read more »

Stock Market News Today: Dow Opens Lower; Morgan Stanley, P&G Earnings in Spotlight -- Live UpdatesLive coverage of stocks and financial news, including the S&P 500, Dow and Nasdaq Composite.
Source: WSJ - 🏆 98. / 63 Read more »