BMO Capital analyst James Fotheringham lowered his price target on Morgan Stanley to $65 after its "revenue-driven" miss in Q4. The analyst keeps his Outperform rating on the shares however, stating that its 7.2-times two-year forward earnings multiple - a discount to the 10.4-times intrinsic value - implies a "deep value" for the stock price. Fotheringham further cites the release of 2019 CCAR rules, SEC returning of to work, and continued market recovery with higher equity values and lower interest rate volatility as Morgan Stanley's "near term catalysts".