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UBS maintained a Buy rating on Morgan Stanley (NYSE: MS), and cut the price target to $34.00 (from $42.00), following the company’s 4Q earnings report. UBS lowered estimates by 16c to $3.00 per share in 2016, and by 12c to $3.40 per share in 2017, driven by lower FICC revenues and higher credit headwinds, partially offset by greater expense discipline. Going forward, Morgan Stanley’s FICC business is likely to be higher velocity and focused on businesses that support the rest of the franchise, such as corporate credit and mortgage, and only certain macro products, such as structured rates and G10 FX.
Analyst Brennan Hawken commented, “MS pr…
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