Morgan Stanley Earnings: Near to Medium-Term Outlook Continues to Be Positive
Narrow-moat-rated Morgan Stanley reported another good quarter, as capital markets activity recovered and equity markets trended higher in the second quarter. The company reported net income to common shareholders of $2.9 billion, or $1.82 per diluted share, on $15 billion of net revenue. Net revenue decreased 1% sequentially but was up 12% year over year. We don't anticipate making a material change to our $97 per share fair value estimate and assess the shares as fairly valued.