Citigroup downgrades Morgan Stanley: 'We do not see enough upside to justify a buy rating'

A person enters Morgan Stanley headquarters in New York, on Thursday, July 12, 2018.
Bess Adler | Bloomberg | Getty Images

Morgan Stanley's stock is "fairly valued," according to Citigroup.

The firm downgraded shares of Morgan Stanley to neutral from buy, sending the stock down 2.8% on Tuesday.

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