BofA analyst Ebrahim Poonawala raised the firm’s price target on Morgan Stanley to $100 from $95 and keeps a Buy rating on the shares. Morgan Stanley shares outperformed on the back of “relatively inline,” but resilient, Q2 results, notes the firm, which attributes this to subdued expectations coming into the print combined with management comments outlining an “encouraging” second half revenue outlook. The firm raised its FY23 and FY24 EPS forecasts to $5.80 and $6.25 from $5.66 and $6 respectively, driving its higher target, arguing that the shares trade at a “premium valuation for a reason.”
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