BMO Capital analyst James Fotheringham raised the firm’s price target on Morgan Stanley to $103 from $100 and keeps an Outperform rating on the shares following the better than expected Q2 results. Wealth Management remains the bright spot, with better-than-expected NII trends, robust NNA growth of $90B, improving retail sentiment, and the near-term culmination of the E*Trade integration, which will prove supportive of Wealth Management margin expansion through 2H23 and 2024, the analyst tells investors in a research note.
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