Wolfe Research analyst Steven Chubak double downgraded Morgan Stanley to Underperform from Outperform with an unchanged price target of $92. The stock’s valuation "screens rich," especially when compared with its retail broker peers, Chubak tells investors in a research note. In addition, the analyst believes Morgan Stanley’s net interest income is likely to peak in Q4 of 2022 or the first half of 2023, which he thinks should put pressure on operating margins. The company’s organic growth is also likely to run below target levels into 2023, adds Chubak.
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