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Goldman Sachs Drops, Morgan Stanley Pops in “Bull Market for Advice”

publication date: Jan 17, 2023
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Image: Morgan Stanley’s ‘Wealth Management’ division has provided the company with stability, while Goldman Sachs continues to feel weakness across several of its business segments. Image Source: TradingView. 

Banking entities have kicked off fourth-quarter 2022 earnings season. The quarterly results across those that have reported have been mixed thus far, among the largest entities, but perhaps the dichotomy among players was no more pronounced than the market’s reaction to Goldman Sachs’ and Morgan Stanley’s respective fourth-quarter 2022 results. Goldman Sachs’ shares fell to the lower end of our fair value estimate range, while Morgan Stanley’s shares surged toward our fair value estimate. We think Morgan Stanley’s shares could run to the high end of our fair value estimate range, or $118 each, in part on the basis of technical momentum, but we’re not making any changes to our banking fair value estimates following the results at this time.

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