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Sandler O'Neill upgrades Morgan Stanley on valuation

Sandler O'Neill analyst Jeffery Harte upgraded Morgan Stanley based on valuation.

Morgan Stanley's share price has increased 2% year-to-date, compared to its peers' 19% average increase year-to-date, according to Harte. The analyst acknowledged the company's tendency to have a strong fourth quarter based on favorable seasonal tailwinds, noting that its share price has increased in 15 of the last 20 fourth quarters.

The analyst upgraded the company's stock rating to "buy" from "hold." Harte lowered his EPS estimates to $4.76 from $4.82 for 2019 and to $5.29 from $5.44 for 2020.