Markets

Morgan Stanley’s Target, Estimates Cut at Goldman Sachs (MS)

Financial services giant Morgan Stanley ( MS

) on Wednesday saw its price target and earnings estimates lowered by analysts at Goldman Sachs.

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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