Citi Research analyst Keith Horowitz on Friday upgraded shares of Morgan Stanley MS, -1.27% to buy from neutral, and hiked the firm’s price target to $115 a share from $105 a share. Horowitz said the investment bank has “successfully improved returns far beyond expectations” with strength in its wealth management unit. “If there is one large cap bank that can move into a growth premium, we believe it is MS given the mousetrap they have built to capture wealth assets is very sound strategically and with their track record…we believe there is a strong likelihood they will execute on this opportunity,” Citi said. “We don’t think it’s a stretch that the market will reward them with a growth multiple over time driving the multiple higher.” Shares of Morgan Stanley are up 42.9% in 2021, compared to a rise of 20.1% by the S&P 500.
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