Morgan Stanley

MS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Morgan Stanley Earnings: Trading Revenue Drives Record-Setting Quarter, but Shares Still Expensive

Brett Horn , Austin Taggart

Apr 11, 2025

Narrow-moat-rated Morgan Stanley reported strong first-quarter results, highlighted by record-setting net revenue generated by the Institutional Securities business, as it took full advantage of the heightened volatility in the trading environment. Despite the strong quarterly results and recent selloff of the stock alongside broader equity markets, we continue to see shares as modestly overvalued compared with our $101 per share fair value estimate.

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Morgan Stanley

Morgan Stanley Earnings: Trading Revenue Drives Record-Setting Quarter, but Shares Still Expensive

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