Financial services giant Morgan Stanley ( MS
The firm maintained its "Neutral" rating on MS, but cut its price target from $31 to $30. That new target represents an expected 22% upside to the stock's Tuesday closing price of $24.50.
Goldman also cut its third quarter earnings estimates for the company $0.60 to $0.15 per share, and its 2010/2011/2012 estimates from $3.10/3.30/3.70 to $2.60/3.00/3.30 per share.
The analyst noted lower trading for the move, and said that i-banking earnings will be slow in the third quarter.
Morgan Stanley shares were mostly flat in premarket trading Wednesday.
The Bottom Line
We had removed shares of Morgan Stanley ( MS ) last Oct.1, when the stock was trading at $30.88. Shares of MS have a dividend yield of .82%, based on last night's closing stock price of $24.50. The stock has technical support in the $21-$22 price area. If the shares can firm up, we see overhead resistance around the $28 price level. We would remain on the sidelines for now.
Morgan Stanley ( MS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
Created by Dividend.com