Morgan Stanley upgraded to Buy from Neutral at Citi

Citi analyst Keith Horowitz upgraded Morgan Stanley to Buy from Neutral with a price target of $115, up from $105. The analyst is "very constructive" on bank stocks and would use the recent pullback in the shares to build positions "in high quality names." After meeting with management, the analyst sees further multiple expansion for Morgan Stanley as the company delivers on its wealth management opportunity "and is awarded a growth multiple." Horowitz says the stock offers "high quality at a reasonable price."