29 de enero de 2008 / 14:10 / hace 10 años

UPDATE 1-RESEARCH ALERT-Deutsche Bank cuts Morgan Stanley

(Adds details, changes source)

Jan 29 (Reuters) - Deutsche Bank analyst Mike Mayo downgraded Morgan Stanley (MS.N) to “hold” from “buy” to reflect concerns about weaker-than-expected revenue, given recent market activity.

“...Our move reflects a touch more caution on the subsector and on a company that should not be immune from industry pressures,” Mayo said in a note to clients.

Mayo also cut his price target on the investment bank to $56 from $63, and lowered his earnings-per-share estimates for 2008 and 2009 to $5.55 and $6, from $6 and $6.50 respectively.

Mayo said revenue for the bank might not be strong, adding that skittish stock markets may eventually take a toll on retail brokerage/asset management that comprises about a third of the firm’s revenue, which about doubles its peers such as Merrill Lynch MER.N. (Reporting by Nivedita Gupta in Bangalore; Editing by Amitha Rajan)

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