Keefe Bruyette upgraded Morgan Stanley (MS) to Outperform from Market Perform with a price target of $160, up from $127, following a transfer of coverage. The firm is bullish on the long-term structural benefits of scale for the large-cap banks. It prefers business models that can produce leading returns with high degrees of predictability. Keefe cites “business model superiority” for the upgrades of JPMorgan and Morgan Stanley.
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