Morgan Stanley boosts targets after forecast-beating quarterly profit

Morgan Stanley boosted both its short and long-term operating targets on Wednesday after coronavirus-induced volatility in financial markets helped the Wall Street bank post a quarterly profit that sailed past estimates.

Morgan Stanley increased its two-year target for return on tangible equity to 14%-16%, from an earlier forecast of 13%-15%. The metric measures how well a bank is using its capital to produce profit. Gorman's comments came after high trading volumes during the final quarter of 2020, stemming from the US elections and the release of coronavirus vaccines, benefited Morgan Stanley's trading unit, which is housed within the institutional securities business.

Gorman has, however, been taking steps to insulate the bank from its reliance on trading, and engineered two large back-to-back acquisitions, those of Eaton Vance and E*Trade, to bolster its investment management and broking arms. "The environment is clearly exceptional, and we are not counting on it to persist in our forward estimates. Nevertheless, there is nothing not to like in these results," Oppenheimer analyst Chris Kotowski said in a note.

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