Ladenburg analyst Dick Bové pulled out all the stops in his latest report on Morgan Stanley this morning. Though we do not have reason to believe Mack and the Mackettes have anything but clear skies ahead, the adorable woodland creature is clearly trying to get back into the good graces of her guy after last month's upset. For 2008 he raised his estimate to $4.11/share from $4.06/share, for 2009 $2.25/share from $2.18/share and though he lowered his 2010 estimate to $2.84/share from $4.29/share, he felt "really bad about it." DB also offered a bunch of "industry problems besetting Morgan Stanley," only to cast them aside by noting that "none of this is new. What is new is the sense of positive momentum building at Morgan Stanley. The whole concept that John Mack, company CEO, started with has been thrown out." Barely able to keep his legs crossed, Bové went on to note that while perhaps its Jewier counterpart is sitting around jacking off and playing video games, Morgan is "taking seriously the move to become a bank holding company." AND MS is no longer clinging to the close-minded "my way or the highway approach it once held [in more profitable times]," but has adopted "an open mind as to whether or not it will buy a bricks and mortar bank or not." The big finish was this crescendo of tail between her legs awesomeness:
As stated, the markets the company services are doing poorly, but this is a new Morgan. It is better than any I have seen for some time. When the markets allow it is likely to be a very successful company.
We also have it on good authority she wrote the whole thing wearing a cheerleading uniform with a big 'M' stitched on the front, and is planning on breaking out the pom-poms for the last hour of trading.
Bove Note On Morgan Stanley [PDF]
Earlier: Citigroup Treading On Thin Ice With Punk Analyst