BMO Capital lowered the firm’s price target on Morgan Stanley to $101 from $102 and keeps an Outperform rating on the shares. While the company reported a “broad-based” Q3 earnings beat, its net interest income declined by 9% sequentially as deposit sweep balances fell 10%, the analyst tells investors in a research note. BMO adds that it is forecasting Morgan Stanley’s net interest income to decline a further 14% in 2024, with the firm also raising its provision for loan loss forecasts given higher credit losses on office commercial real estate loans.
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