Morgan Stanley price target lowered to $84 from $92 at Deutsche Bank

Deutsche Bank analyst Matt O’Connor lowered the firm’s price target on Morgan Stanley to $84 from $92 and keeps a Hold rating on the shares. The analyst believes new lows seem likely for U.S. bank stocks. He assumes bank stocks will trade below their historical 60%-80% range, saying bank earnings may be peaking. He also sees downside risk from reserve build and valuations if there is a recession.