Morgan Stanley price target raised to $100 from $95 at BofA

BofA analyst Ebrahim Poonawala raised the firm’s price target on Morgan Stanley to $100 from $95 and keeps a Buy rating on the shares. Given the transition to new CEO Ted Pick, the Street will be looking for signs of any tactical/strategic/talent related changes and investors will need confidence that management’s strategic goals remain attainable despite rising regulatory burden and interest rate related headwinds, the analyst contends. The firm raised its FY24 EPS estimate to $6.25 from $6.10 and raised its multiple to reflect a potential bounce in investment banking and improving revenue mix.