BMO Capital analyst James Fotheringham lowered the firm’s price target on Morgan Stanley to $104 from $108 but keeps an Outperform rating on the shares after its Q1 results. The company’s revenue trends were solid across Institutional Securities and Wealth Management segments, but Investment Management business continues to suffer long-term outflows which pressure operating margins, the analyst tells investors in a research note. BMO adds however that Morgan Stanley is optimistic about a capital markets recovery later this year, noting "green shoots" to support deal activity resumption in the second half of the year.
Published first on TheFly
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