Morgan Stanley price target lowered to $104 from $106 at Evercore ISI

Evercore ISI analyst Glenn Schorr lowered the firm’s price target on Morgan Stanley to $104 from $106 and keeps an Outperform rating on the shares. The firm has lowered estimates by an average of 9% across its U.S. brokers, banks and asset mangers coverage as it thinks lower investment banking fees, fewer PE-related gains, weaker asset and wealth management flows, a tough backdrop for deposits and lending, normalizing credit costs and less buybacks all worked to offset higher market levels and "hopefully OK trading."