Credit Suisse analyst Susan Roth Katzke maintained an Outperform rating on Morgan Stanley (MS), but lowered her price target to $58 from $62. In a research note to investors, she says that she has increased the weighting on her "gray sky valuation" to 25% from 15% and reduced the weighting on her "blue sky scenario" to 25% from 35%, and while she does not anticipate an imminent turn in the cycle, she feels she must recognize some increased probability relative to the status quo. She continues to recommend purchasing Morgan Stanley shares. The analyst also lowered her price targets on other large banks, including PNC (PNC), Bank of America (BAC), State Street (STT), Goldman Sachs (GS), JPMorgan (JPM) and Wells Fargo (WFC).

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Headcount reduction primarily reflects the impact of the sale of GreenSky Holdings, LLC.

BMO Capital lowered the firm's price target on JPMorgan to $195 from $196 and keeps a Market Perform rating on the shares after its Q1 results. The company's higher-than-previously modeled fees are offset by higher expenses, and while its FY24 net interest income guidance was unchanged and in line with consensus, investors likely "wanted more", the analyst tells investors in a research note. JPMorgan will be a long-term market share gainer among U.S. banks, but it is too early to buy shares ahead of an impending credit cycle, with the stock also trading around fair value, BMO added.

Oppenheimer lowered the firm's price target on JPMorgan to $217 from $219 and keeps an Outperform rating on the shares following quarterly results. "Other than that perhaps everyone already owns and loves it and that there was no major upping of guidance," the firm doesn't see why the stock should have traded down. The results looked like a solid beat to Oppenheimer.

Goldman Sachs (GS) is scheduled to announce quarterly results on April 15, while Morgan Stanley (MS) and Bank of America (BAC) are expected to report earnings the following day. What to watch... To see the rest of the story go to thefly.com. See Story Here