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Veteran banking analyst Richard Bove lowered Morgan Stanley's earnings estimates for 2009 to 2011, to include his higher compensation cost estimates from the assimilation of Smith Barney.
In June, Morgan Stanley [MS
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] and Citigroup [C
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] started their retail brokerage joint venture, Morgan Stanley Smith Barney. Morgan Stanley owns 51 percent of the venture, with Citi owning the rest.
The Rochdale Securities analyst said the assimilation costs from the venture are likely to remain high this year.
Bove now expects a loss of 52 cents a share for 2009, compared with a prior estimated loss of 39 cents. The 2010 earnings estimate has been cut to $3.54 per share from $3.62.
The 2011 profit estimate has been reduced to $4.27 per share from $4.40 per share.
"The stock is very attractive. The likelihood is that earnings will stay in an uptrend for years and that Morgan Stanley has put the problems of the past few years behind it," Bove said in a note to clients.
Bove has a "buy" rating and a $35 price target on Morgan Stanley stock.
Morgan Stanley shares closed at $31.05 Wednesday on New York Stock Exchange.
Data is a real-time snapshot *Data is delayed at least 15 minutes