Morgan Stanley (MS)
Recap: Q2 2026
A Blowout the Market Sold: Record $21.3B Revenue, a 26.6% ROTCE, and the Equity-Underwriting Inflection — Stepping Down to Hold on a Full Valuation
Recap: Q1 2026
Peak Clarity, Honestly Framed: A Record $20.6B Quarter, a 27.1% ROTCE, and Three Segment Records — Maintain Outperform
Recap: Q4 2025
The Revenue Record and the Discipline to Hold the Targets: A $10.21 EPS Year, a 47% IB Surge, and a 31% Wealth Margin — Maintain Outperform
Recap: Q3 2025
The Catalyst Arrived: Record EPS, a 23.5% ROTCE, and an Investment-Banking Recovery That's Now in the Numbers — Upgrading to Outperform
Recap: Q2 2025
A Clean Beat the Market Shrugged Off: Record Wealth Margin Meets a 3x-Book Valuation and an IB Recovery Still in the First Inning — Initiating at Hold