Morgan Stanley(US:MS) Ge Long Hui·2025-10-16 07:30Core Viewpoint - Citigroup's research report indicates that Morgan Stanley's third-quarter stock trading performance was outstanding, with a year-on-year growth of 35% supported by strong net new assets (NNA) and advisor-led fund inflows, contributing to a milestone of 30% pre-tax profit margin [1] Group 1 - Morgan Stanley's management long-term profit targets may be raised from the mid-term tangible common equity return on common equity (ROTCE) target of 20% [1] - Citigroup believes a normalized tangible common equity return on common equity rate of 24% is achievable [1] Group 2 - Citigroup raised Morgan Stanley's target price from $155 to $170 while maintaining a "Neutral" rating [1] - Earnings per share estimates for fiscal year 2025 were increased by $0.65 to $10, for fiscal year 2026 by $0.30 to $10.85, and for fiscal year 2027 by $0.10 to $10.95 [1]