Gains for Morgan Stanley will be harder to come by, according to Citi. Analyst Keith Horowitz downgraded the bank stock to neutral from buy. He kept his price target at $100, which implies the stock will rise just 3% from where it closed Tuesday. "In our view, the market is pricing in best in class returns and we do not see significant relative upside," Horowitz said in a Tuesday note.
Horowitz added that upward revisions to net interest income could be offset by potentially higher expenses and an increase in share count. Other headwinds for banks include a potential recession, another down year across markets and greater regulation, Citi said. Still, the analyst noted that Morgan Stanley is one of the best positioned banks heading in to the year because it has a strong growth engine, low credit risk and good optionality on revenue from its investment banking unit.
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Morgan Stanley is set to report fourth-quarter earnings—here’s what the Street expectsMorgan Stanley is set to report fourth-quarter earnings before the opening bell on Tuesday.
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Goldman Sachs misses its earnings estimate, while Morgan Stanley beats as profits dropWhile Morgan Stanley beat its earnings target and Goldman fell well short, both investment banks reported lower net income against a strong year-ago quarter.
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