Morgan Stanley’s (MS) Q3 earnings-per-share beat was driven by “solid” wealth management results together with “sizable uplift” from beats across results in investment banking and trading, Oppenheimer said in a note Thursday.
Oppenheimer also said total revenue exceeded expectations, driven by investment banking and trading.
“Overall, we see Q3 as continued evidence of MS executing well, which we view as largely priced into the current valuation,” Oppenheimer said.
Oppenheimer said that for 2025, it is boosting its EPS forecast for Morgan Stanley by about 2.4% mainly because of the flow-through effect of a higher base of trading expected in 2024 as well as wealth management assets under management and revenue.
Oppenheimer has a perform rating on Morgan Stanley.