Keefe Bruyette downgraded Morgan Stanley to Market Perform from Outperform with a price target of $91, down from $102. The company posted a solid quarter but its Wealth Management division is in a transition as clients are moving out of deposits, the analyst tells investors in a research note. The firm says it will likely take time to translate into potential growth in equity assets under management. As a result, the stock has fewer catalysts near term until there is a firm line of sight to 30% margins and a 20% ROTCE, contends Keefe Bruyette.
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