Atlantic Equities - Morgan Stanley (MS) Model update: remain Neutral

Report

Atlantic Equities

John Heagerty

Model update: remain Neutral

We are updating our MS model to reflect recent industry trends. As a result, our FY17 and FY18 EPS forecasts decline by 0.5%. Our 4Q17 EPS forecast declines by 1%. Our price target stays at $48 and we retain our Neutral recommendation.

20/12/2017 4 EN

Underlying

Morgan Stanley

Morgan Stanley is a financial holding company. Through its subsidiaries and affiliates, the company advises, and originates, trades, manages and distributes capital for, governments, institutions and individuals. The company's segments are: Institutional Securities, which provides investment banking, sales and trading, lending and other services; Wealth Management, which provides brokerage and investment advisory services, financial and wealth planning services, stock plan administration services, annuity and insurance products, residential real estate loans and other lending products, banking, and retirement plan services; and Investment Management, which provides investment strategies and products.

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US6174464486 New York Stock Exchange United States

Provider

Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

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Analysts

John Heagerty

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Model update

This report contains forecasts updated for reported Q218 results. Neither our financial nor PSU estimates are materially changed and we remain Overweight with a 12m PT of $365.

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