REUTERS: 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.
The company also raised its longer term target for the same metric to more than 17per cent, from its previous outlook of 15per cent-17per cent. Net revenue rose to US$13.64 billion from US$10.86 billion last year, while revenue from the company's investment banking division rose to US$2.30 billion from US$1.58 billion.
"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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