BMO Capital analyst James Fotheringham raised the firm’s price target on Morgan Stanley to $109 from $98 and keeps an Outperform rating on the shares after its Q4 revenue beat. Wealth Management and Investment Management segments surprised positively while the company has reiterated its longer-term targets, the analyst tells investors in a research note. The market continues to undervalue these high-multiple businesses, and Morgan Stanley’s meaningful excess capital and limited credit exposure leave it well-positioned, Fotheringham adds.
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