Evercore ISI lowered the firm’s price target on Morgan Stanley to $97 from $102 and keeps an Outperform rating on the shares following what the firm calls “a mostly in line quarter on lower expectations.” The firm thinks no CEO announcement “is a mistake by the Board” as “more time can only increase employee and investor distractions.” While acknowledging this is a big decision, Evercore says “they know all the candidates well and we don’t get why they’d let this linger.”
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