Morgan Stanley price target lowered to $92 from $95 at Daiwa

Daiwa analyst Kazuya Nishimura lowered the firm’s price target on Morgan Stanley to $92 from $95 and keeps a Neutral rating on the shares. Earnings have been solid for the major banks and the investment banking market is recovering, the analyst tells investors in a research note. The firm says that while credit costs are rising, they are likely to peak soon. It has a Positive rating on the U.S. major banks with eye toward rate cuts. Assuming a “soft landing,” the shares look attractive, says Daiwa.