Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Markets & Finance

Wachovia Cuts Morgan Stanley Outlook


Wachovia cuts Morgan Stanley (MWD) estimates.

Analyst Douglas Sipkin says his estimate reductions reflect a higher credit card charge-off scenario as consumer credit trends, most notably personal bankruptcies, continue to weaken. He cut his $3.00 fiscal 2003 (Nov.) earnings per share estimate to $2.90, and cut the $3.36 fiscal 2004 estimate to $3.23.

Sipkin thinks Morgan Stanley is the most diversified of all U.S. investment banks, which bodes well for the long term. However, he remains more cautious in the near term, given the company's exposure to the retail brokerage and credit card businesses. He reiterates his market perform rating, and thinks shares will continue to trade in the $33 to $36 range.


The Aging of Abercrombie & Fitch
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus