) reached a new 52-week high, touching $27.00 in the last hour of
the trading session on Jun 7, 2013. The closing price of this
major global bank reflected a robust year-to-date return of
38.2%. The trading volume for the session was 32.75 million
shares, significantly higher than the average 19.33 million
shares over the last 3 months.
Despite the strong price appreciation, this Zacks Rank #3 (Hold)
stock has plenty of upside left, given its estimate revisions
over the last 60 days and expected year-over-year earnings growth
of 33.9% for 2013.
Impressive first-quarter 2013 results, the underlying strength in
its business segments as well as a strong capital position were
the primary growth drivers for Morgan Stanley.
In early May 2013, at the time of filing its latest quarterly
documents with the SEC, Morgan Stanley lowered its first-quarter
adjusted earnings from continuous operations by a penny to 60
cents per share. Nevertheless, this was above the Zacks Consensus
Estimate of 57 cents.
Additional legal expenses led Morgan Stanley to restate its
earnings. However, favorable results were driven by lower
operating expenses, partially offset by a fall in the top line.
Moreover, increase in net revenue across all segments was the
Estimate Revisions Show Potency
Over the last 60 days, 3 out of 15 estimates for 2013 have been
revised upward, lifting the Zacks Consensus Estimate by 1.0% to
$2.13 per share. For 2014, 2 out of 15 estimates moved higher
over the same time frame, helping the Zacks Consensus Estimate
advance 1.2% to $2.59 per share.
Better performing banks include
Fifth Third Bancorp
JPMorgan Chase & Co.
State Street Corporation
) all of which carry a Zacks Rank #2 (Buy).
FIFTH THIRD BK (FITB): Free Stock Analysis
JPMORGAN CHASE (JPM): Free Stock Analysis
MORGAN STANLEY (MS): Free Stock Analysis
STATE ST CORP (STT): Free Stock Analysis
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