Morgan Stanley beat profit estimates, and sales grew 12% from a year earlier with record wealth flows. Sales fell 5% from an exceptional prior quarter, and one analyst cut a target, but growth across its businesses supports a positive reading.
The gains came from both trading and wealth services, rather than from just one part of Morgan Stanley. Trading sales rose 41%, advisory sales rose 30%, and asset-management sales rose 16% from a year earlier. Sales fell 5% from the prior quarter, and Piper Sandler lowered its target while keeping a Hold rating. Still, broad growth and record wealth flows support a positive reading.
The story says Morgan Stanley's earnings surprise was smaller than Goldman Sachs's, but gives no Goldman results or business details. That alone does not show a clear change in Goldman's outlook.
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