© Reuters.
Morgan Stanley’s shares experienced a significant drop on Friday, following their earnings report. This precipitous fall was the most severe one-day drop for the banking giant since June 2020.
In response to this development, a Wolfe Research analyst altered his recommendation for Morgan Stanley. The analyst, who had been the only analyst among more than two dozen covering the company to advocate a sell recommendation, has now changed his rating to a Peerperform. His decision leaves Morgan Stanley without any bearish calls, aligning it with other major banks such as JPMorgan Chase & Co. (NYSE:), Wells Fargo & Co., and Goldman Sachs Group Inc (NYSE:).
The analyst asserts that Morgan Stanley’s stock is now fairly valued. He believes that the risk associated with the bank’s earnings is accurately reflected in consensus estimates. This shift in rating demonstrates a change in perception towards Morgan Stanley’s current market position following its recent earnings report and subsequent share price tumble.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Investing.com
Source link
