Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Odeon Capital analyst Richard Bove on Monday cut his rating on Morgan Stanley MS, -1.11% to hold from buy because of a “lack of direction” in the company. Chief Executive James Gorman is due to retire by May, and no successor has been named.
“It appears to me that the company lost direction in 2022 and has been floating without clear purpose since then,” Bove said. While Morgan Stanley has focused on asset and wealth management, neither of these businesses are growing, while its trading unit has not had positive numbers for 18 months, he said. Bove said the bank’s third-quarter earnings were “disappointing.” Morgan Stanley stock was down 0.8% in premarket trading on Monday.
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