Morgan Stanley price target lowered to $102 from $104 at Evercore ISI

Evercore ISI analyst Glenn Schorr lowered the firm’s price target on Morgan Stanley to $102 from $104 and keeps an Outperform rating on the shares. Ahead of Q3 reporting season for the brokers, banks and asset managers, the firm is cutting Q3 estimates by 6% on average, stating that the backdrop remains challenging for the brokers, universals and trust banks as markets were down in the quarter, rates were higher, spreads wider and investment banking continues to “work through a slow recovery.”