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Sandler O'Neill downgrades Morgan Stanley on valuation

Sandler O'Neill analyst Jeffery Harte has downgradedMorgan Stanley to"hold" from "buy" based on valuation.

Harte said the company's stock has appreciated 25% since June30 and any further appreciation is not expected. Morgan Stanley is currentlytrading at a 1.1x multiple premium to its peer , he added.

The analyst increased his third-quarter EPS estimate for thecompany to 65 cents from 63 cents, arguing that the underwriting and fixedincome, currency and commodities environment has turned out to be moreresilient than expected.

Harte has a price target of $33.00 on the company's stock.His EPS estimates are $2.55 for 2016 and $2.96 for 2017.