Analyst Note| Michael Wong, CFA, CPA |
While Morgan Stanley reported a sequential decline in revenue, results for the second quarter were still exceptional, and the company has positioned itself for multiple secular tailwinds. Morgan Stanley reported net income to common shareholders of $3.4 billion, or $1.85 per diluted share, on $14.8 billion of net revenue. The company’s return on tangible equity for the quarter was 18.6%. We don’t anticipate making a significant change to our $70 fair value estimate for narrow-moat Morgan Stanley.