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We're hiking our price target on Morgan Stanley despite a miss in a key business

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Jim Cramer,Investment Strategy,Markets

Investors on Tuesday are more willing to look beyond a missed Morgan Stanley's wealth management business than in the past.

Morgan Stanley on Tuesday reported second-quarter results that largely exceeded Wall Street expectations — though weakness in one key segment warrants closer monitoring even as the stock shook off earlier declines. Revenue for the three months ended June 30 increased over 11% year over year to $15.02 billion, outpacing expectations of $14.3 billion, according to estimates compiled by LSEG. Earnings per share jumped nearly 47% versus the year-ago period to $1.82, exceeding the $1.

In this photo illustration, the logo for E-Trade, the online trading platform owned by Morgan Stanley, is shown on the company's website on May 13, 2024 in Chicago, Illinois.on Tuesday reported second-quarter results that largely exceeded Wall Street expectations — though weakness in one key segment warrants closer monitoring even as the stock shook off earlier declines.

 

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