JPMorgan downgraded Morgan Stanley to Neutral from Overweight with a price target of $87, down from $94. The analyst sees the bank’s “excellent acquisitions benefits” as largely discounted in the shares and believes its equity market share is plateauing. The firm sees limited stock specific catalysts in the near-term which it notes have been a source of outperformance for the stock in the past. JPMorgan views Morgan Stanley as fairly valued.
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