Upgrading MS to Buy from Neutral
While earnings, ROE, and book growth will likely still be sluggish in the near
term, we think some meaningful company-specific headwinds are dissipating, the
firm’s capital and liquidity positions remain strong, investment banking pipelines
are building, management is in the process of re-building the FICC & prime
brokerage footprints (should lead to market share gains), and the integration of the
Morgan Stanley Smith Barney JV appears to be on track.- UBS RESEARCH
Read the Research Report Here
http://www.scribd.com/doc/24769359?secret_password=1jhzlprwbfm5uvefz8qb
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