Morgan Stanley: Financial Winner
Morgan Stanley's shares have returned 15% year-to-date, following a 44% decline during 2011.
The shares trade for just 0.6 times their reported March 31 tangible book value of $27.37, and for seven times the consensus 2013 earnings estimate of $2.44, among analysts polled by Thomson Reuters. The consensus 2012 EPS estimate is $1.44.
KBW analyst David Konrad rates Morgan Stanley "Market Perform," with a $23 price target, and said on April 20 following the company's first-quarter earnings announcement that "MS continues to deliver impressive results from its equity platform and non-comp expenses fell below our estimate for two consecutive quarters. However, with the backdrop of dramatically improved credit spreads in the first quarter, the sustainability of
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