As previously reported, Citi analyst Keith Horowitz downgraded Morgan Stanley to Neutral from Buy with an unchanged price target of $100. He expects 2023 to be fundamentally challenging for the banks due to net interest margin compression and potential credit concerns, said Horowitz. While he believes Morgan Stanley is "among the best positioned" in the group, he argues that this is "not lost on the market" and believes it is hard to make the case for significant multiple expansion from here.
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