Market Update: Morgan Stanley (NYSE:MS) – Goldman, M.Stanley deny plans for Frankfurt office switch after Brexit

[Reuters – UK Focus] – “We have not made any changes to our real estate requirements in Frankfurt as a result of the referendum result,” Goldman said in a statement issued on Wednesday. Echoing its Wall Street rival, Morgan Stanley also moved to quell chatter it was planning to relocate to the German financial hub when the UK government evokes Article 50 — the first official step in its disentanglement from the 28-nation bloc. “Morgan Stanley does not have pre-let office space in Frankfurt,” the spokesman said in an emailed statement. Read more on this. Morgan Stanley (MS) , valued at $48.13B, ended session yesterday at $24.61. Today, shares have traded between $24.74 and $25.09 per share with a trailing 52-week range being $21.16 to $41.04. MS shares are currently priced at 10.43x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -53.33x earnings multiple. And for income investors, the company pays shareholders $0.60 per share annually in dividends, yielding 2.45%. Consensus earnings for the current quarter by the 24 sell-side analysts covering the stock is an estimate of $0.62 per share, which would be $0.17 worse than the year-ago quarter and a $0.08 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $2.36 is a $0.34 setback when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $8.42 Billion. If realized, that would be a 11.92% decrease over the year-ago quarter. Recently, Portales Partners upgraded MS from Underperform to Sector Perform (Feb 16, 2016). Previously, JP Morgan upgraded MS from Neutral to Overweight. Investors should keep in mind is that the average price target is $31.00, which is 25.97% above where the stock opened this morning. See more in (NYSE:MS) Similar Articles: Market Update: Morgan Stanley (NYSE:MS) – Morgan Stanley Gives Anaplan the Award for Tech Innovation Stock Update: Morgan Stanley (NYSE:MS) – California sues Morgan Stanley over mortgage losses Market Update: Morgan Stanley (NYSE:MS) – Momentum Indicators for Investment Brokerage – National Equities – Morgan Stanley, The Charles Schwab, E*TRADE Financial, and The Goldman Sachs Group