Model update: remain Overweight
We are updating our MS model to reflect Q4 results, revenue trends, expense and capital return comments from management. As a result, our FY18 EPS forecast increases by 3.3% as lower taxes and the strength of the 4Q17 result flow through into future years. Our FY19 EPS estimate increases by 3.7% as we are slightly more positive about the potential for higher capital returns in the 2018 CCAR. Our price target increases to $65 (from $61) and we retain our Overweight recommendation.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.
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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