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Morgan Stanley's published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.
| Market cap | $318.2B | |
|---|---|---|
| Revenue (ttm) | 79.8B | |
| Net income (ttm) | 19.8B | |
| EPS (ttm) | $12.6 | |
| Shares out | 1.6B | |
| P/E (trailing) | 15.1x | |
| P/E (forward) | 15.1x | |
| Dividend | $4.60 (2.42%) | |
| Volume | 4,185,694 | |
| Beta | 1.21 |
Recent price action with selectable time range.
| Item | P1 | P2 | P3 | P4 | P5 | Trend |
|---|---|---|---|---|---|---|
| Period | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | Trend |
| Revenue | $57.78B | $62.48B | $88.29B | $103.15B | $114.98B | +18.8% |
| Gross profit | $56.41B | $49.93B | $50.14B | $57.36B | $65.62B | +3.9% |
| Operating income | $19.67B | $14.09B | $11.81B | $17.60B | $21.95B | +2.8% |
| Net income | $15.03B | $11.03B | $9.09B | $13.39B | $16.86B | +2.9% |
| EPS (diluted) | $8.03 | $6.15 | $5.18 | $7.95 | $10.21 | +6.2% |
| EBITDA | $23.88B | $18.09B | $16.07B | $22.76B | $26.61B | +2.7% |
| R&D | — | — | — | — | — | — |
| SG&A | $24.63B | $23.05B | $24.21B | $26.18B | $29.07B | +4.2% |
Recent company headlines from major financial publishers.
The Base scenario targets $119.68 with a probability of 55.0%, implying an expected return of -41.9% from $206.12. This path assumes steady wealth fee growth and normalized institutional trading revenues. Disconfirmation would occur if underwriting dealflow stalls or advisory margins compress over coming quarters.
The Bull scenario targets $155.02 with a probability of 20.0%, offering an expected return of -24.8% from $206.12. This outcome requires surging corporate capital expenditures and an active IPO calendar driving strong institutional operating leverage. Disconfirmation would emerge if corporate financing bypasses traditional syndicates into direct private deals.
| Ke ↓ / g → | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 7.8% | $132 | $133 | $135 | $137 | $140 |
| 8.8% | $124 | $125 | $127 | $128 | $130 |
| 9.8% | $118 | $119 | $120 | $121 | $122 |
| 10.8% | $112 | $113 | $114 | $114 | $115 |
| 11.8% | $107 | $108 | $108 | $109 | $109 |
Upcoming earnings date and setup when available.
The rating each month's published research edition carried. A rating compares the price at analysis with the Fair value; it is not a record of whether the call was right.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 |
