Morgan Stanley price target raised to $130 from $125 at Citi

Citi analyst Keith Horowitz raised the firm’s price target on Morgan Stanley (MS) to $130 from $125 and keeps a Neutral rating on the shares as part of a Q2 earnings preview. Following Morgan Stanley’s conference update and “upbeat remarks” regarding a rebound in capital markets, the shares traded roughly flat with peers, “which feels appropriate given deal volume optimism seems baked in,” the analyst tells investors in a research note. The firm says the company’s wealth business “remains the steady engine of the firm and attention will likely center on net new assets.” With “little skepticism embedded in the stock and high bar already set,” Citi sees limited near-term upside for Morgan Stanley.