Citing Morgan Stanley's (MS +0.4%) big Q1, Nomura upgrades the stock to a Buy with price target raised to $36 from $33. The bank's capital build and strength in investment banking and trading offset modest disappointment with wealth management results, says the team. Going forward, fixed income will remain a challenge, but look for "robust" revenue from institutional securities. An increased backlog in investment banking and "constructive" outlook for equities business are also positives.
Morgan Stanley earnings coverage from last week