Citi analyst Keith Horowitz downgraded Morgan Stanley to Neutral from Buy with a price target of $50, down from $68. While the company's return on tangible equity targets look achievable, the stock looks fairly valued, Horowitz tells investors in a research note. The analyst still favors the brokers over the traditional banks given their "relatively low" exposure to net interest revenue pressures and credit risk. However, with Morgan Stanley's recent outperformance and limited upside to earnings estimates, he does not see enough upside to justify a Buy rating on the stock.