Morgan Stanley price target lowered to $97 from $99 at Evercore ISI

Evercore ISI lowered the firm’s price target on Morgan Stanley to $97 from $99 and keeps an Outperform rating on the shares. While “well-enough telegraphed” and not too unique to Morgan Stanley, Q4 returns were “nothing to write home about,” the analyst tells investors. While the dialogue around near-term NII and Wealth Management margins “is a bummer and underscores the importance of that high incremental margin revenue,” none of the firmwide goals changed, notes the analyst, who thinks better investment banking, wealth and asset management fees, and higher client engagement “all help to keep MS a stable & secular growth story.”