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MS Conf Call: More Bullish, Positive For UBS

FINANCIALS

Morgan Stanley conf call included the phrase “early innings of a multi-year M&A cycle”. This highlights the bullish feeling of mgmt (more than we’ve heard in years) and underpins today’s equity move. That move is not about increased capital return to equity holders but business growth, in our view – which should be credit positive.


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Morgan Stanley conf call included the phrase “early innings of a multi-year M&A cycle”. This highlights the bullish feeling of mgmt (more than we’ve heard in years) and underpins today’s equity move. That move is not about increased capital return to equity holders but business growth, in our view – which should be credit positive.


Keep reading...Show less