Morgan Stanley price target raised to $107 from $106 at BMO Capital

BMO Capital raised the firm’s price target on Morgan Stanley to $107 from $106 and keeps an Outperform rating on the shares. The firm is cutting its FY24 EPS view by 21c to $6.12 as higher-than-previously modeled Institutional Securities segment revenues were more than offset by lower expected Wealth Management margins, higher costs, and higher share counts, the analyst tells investors in a research note. BMO adds however that its price target nudge is due to the roll forward in the firm’s Tangible Common Equity-driven valuation methodology.