12:35 PM EDT, 04/16/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

MS stands to significantly benefit from the early stage recovery in investment banking and asset management. We lift our target $11 to $108 on a forward P/E of 15.2x, above the 13.6x three-year historic average. We raise our '24 EPS to $7.10 ($6.60) and '25's to $7.75 ($7.20). Our investment thesis is underwriting and advisory (M&A) fees could benefit with CEOs renewing capital formation, and ALT firms later this year needing to monetize from $1T+ investment funds to satisfy limited partners. Our revenue forecast is $59.8B in '24 and $63.0B in '25. MS posted Q1 EPS of $2.02, a $0.37 earnings beat. In Institutional Securities, MS realized +113% Y/Y growth in equity underwriting and debt underwriting was +37%. While M&A was -28%, we are confident that will strongly reverse in the coming quarters. The Wealth Management unit realized 5% Y/Y revenue growth and Investment Management was +7%. Equity trading was +4% and FICC was -4%. America's revenue was +7% Y/Y (76% of total), EMEA +5% (12%), and Asia -12% (12%).