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Posted by
Two Blokes May 27 -
Filed in
Stock
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2 views
We initiate MS with a Buy rating and $162 PT, as the market underestimates the durability and scale of the earnings rebound underway. Expect above-consensus FY 2025E/FY 2026E EPS driven by resilient trading, strong capital markets pipelines, and structural wealth management margin expansion. Capital markets cycle is in a 'pause, not delete' phase, setting up for sharp H2 2025 earnings leverage as pipelines unlock and operational momentum accelerates.
