JPMorgan lowered the firm’s price target on Morgan Stanley to $91 from $97 and keeps an Overweight rating on the shares ahead of the Q2 results. The analyst expects the focus in the quarter for U.S. investment banks will be on the outlook for fees, planned cost measures in the event of continued revenue weakness and the outlook for capital returns with Basel 3 finalization uncertainty. The firm prefers European investment banks over the U.S.
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