RBC Capital raised the firm’s price target on Morgan Stanley (MS) to $207 from $185 and keeps a Sector Perform rating on the shares. The company’s diversified investment services business model, with three primary growth engines – Institutional Securities, Wealth Management and Investment Management – delivered strong results in the quarter, led by its premier investment banking and trading businesses, the analyst tells investors in a research note. Morgan’s Stanley’s Wealth Management division also generated a record 31.0% pre-tax margin, and its strong excess capital position should allow the bank to reward shareholders with common share repurchases and increased dividends, the firm added.
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