Analyst Consensus ?
ConsensusBuy52 ratings
Bullish2955.8%
Neutral2242.3%
Bearish11.9%
Morgan Stanley · MS · FY2026 Q3 · Calendar Q4 2026
Morgan Stanley: Record Q3, AI opportunity, guidance reaffirmed
Morgan Stanley’s Q3 analysis supports a constructive operating thesis: record wealth-management flows, strong institutional-securities activity, and AI infrastructure advisory demand provide multiple growth avenues. The main test is whether these opportunities remain durable as rates, geopolitics, regulatory change, and the scale of AI investment introduce execution and cycle risks.
Reported Before market openNYSEFinancial Services
$294.42B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.93
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $19.93B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.3%
Event window
SPY move
-1.1%
Same window
Abnormal move
-2.2%
Stock minus SPY
Volume
0.9×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
MSSPY benchmark
Ask FN2 about MS FY2026 Q3
Transcript, numbers and history already loaded
What drove MS's -3.3% move after FY2026 Q3 earnings?What changed in MS's guidance and outlook in FY2026 Q3?Give me the bull and bear case for MS after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis adds a larger wealth-management flow result, stronger institutional-securities activity, and a more explicit framing of hyperscaler AI capex as a multi-year advisory opportunity. It also introduces tokenized equities and regulatory considerations, while guidance remains reaffirmed.
Guidance delta
Management reaffirmed full-year guidance; no change was identified in the supplied analysis.
Key takeaways
- The integrated franchise produced record Q3 performance, led by wealth management and institutional securities.
- Wealth management generated $232 billion of net new assets and $80 billion of fee-based flows, making conversion into advisory relationships an important follow-through indicator.
- Management framed hyperscaler and AI infrastructure spending as a long-term advisory opportunity while acknowledging over-investment risk.
- The firm remains focused on cross-selling, workplace and retirement channels, technology investment, and capital deployment.
Management priorities
- Continue investing in AI and technology platforms.
- Expand wealth management through workplace and retirement channels.
- Use excess CET1 capital for strategic opportunities and client financing.
- Grow deposits as a funding source for institutional securities operations.
- Maintain the integrated-firm cross-selling strategy across wealth, banking, and asset management.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$181.75Current
$45Low
$136.73Average
$260High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 14, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BMO Capital | Outperform | Outperform | Maintain | Oct 6, 2026 |
| UBS | Buy | Buy | Maintain | Oct 5, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 1, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Sep 30, 2026 |
| HSBC | Hold | Hold | Maintain | Sep 28, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 25, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Jul 17, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Jul 16, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 16, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 16, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 7, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 6, 2026 |
| Oppenheimer | Underperform | Perform | Downgrade | Jun 30, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Apr 16, 2026 |
| Citizens | Market Perform | Market Perform | Maintain | Apr 16, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Nov 24, 2025 |
| Jefferies | Buy | Buy | Maintain | Oct 16, 2025 |
| JMP Securities | Market Perform | Market Perform | Maintain | Apr 14, 2025 |
| CFRA | Buy | Buy | Maintain | Apr 16, 2024 |
| Societe Generale | Hold | Buy | Downgrade | Nov 28, 2023 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Nov 20, 2023 |
| Odeon Capital | Hold | Buy | Downgrade | Oct 23, 2023 |
| Atlantic Equities | Neutral | Neutral | Maintain | Aug 1, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jan 19, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Sep 12, 2022 |
| Piper Sandler | Neutral | Neutral | Maintain | Jul 1, 2022 |
| Berenberg | Hold | Buy | Downgrade | Sep 28, 2021 |
| Seaport Global | Neutral | Buy | Downgrade | Aug 13, 2021 |
| Argus Research | Buy | Buy | Maintain | Jul 16, 2021 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Mar 2, 2021 |
| DA Davidson | Buy | Neutral | Upgrade | Jun 24, 2020 |
| Sandler O'Neill | Buy | Hold | Upgrade | Oct 10, 2019 |
| Citi | Buy | Neutral | Upgrade | Jul 12, 2019 |
| Bernstein | Market Perform | Underperform | Upgrade | Jul 19, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Dec 19, 2017 |
| Buckingham Research | Buy | Buy | Maintain | Oct 18, 2017 |
| Buckingham | Buy | Buy | Maintain | Oct 18, 2017 |
| Bank of America | Buy | Buy | Maintain | Jul 20, 2017 |
| Compass Point | Neutral | Neutral | Maintain | Feb 22, 2017 |
| Guggenheim | Buy | Neutral | Upgrade | Oct 20, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Oct 5, 2016 |
| Nomura | Buy | Buy | Maintain | Jan 11, 2016 |
| Susquehanna | Neutral | Neutral | Maintain | Apr 7, 2015 |
| Mediobanca Securities | Outperform | Neutral | Upgrade | Oct 23, 2013 |
| SunTrust Robinson Humphrey | Buy | Neutral | Upgrade | Apr 23, 2013 |
| ISI Group | Hold | Hold | Maintain | Jan 4, 2013 |
| Evercore Partners | Overweight | Equal Weight | Upgrade | Dec 19, 2012 |
| Drexel Hamilton | Buy | Buy | Maintain | Oct 2, 2012 |
| FBR Capital | Outperform | Outperform | Maintain | Jun 4, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Mar 27, 2012 |
| Collins Stewart | Hold | Buy | Downgrade | Feb 8, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $181.75. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Erika Najarian | $236 | $190.31 | +29.8% | Oct 5, 2026 |
| Wells Fargo | Analyst unavailable | $223 | $196.34 | +22.7% | Sep 25, 2026 |
| UBS | Analyst unavailable | $260 | $210.64 | +43.1% | Aug 3, 2026 |
| Morgan Stanley | Saul Martinez | $215 | $210.97 | +18.3% | Jul 21, 2026 |
| RBC Capital | Gerard Cassidy | $243 | $215.48 | +33.7% | Jul 20, 2026 |
| Morgan Stanley | Analyst unavailable | $235 | $218.37 | +29.3% | Jul 17, 2026 |
| Morgan Stanley | Analyst unavailable | $195 | $228.42 | +7.3% | Jul 16, 2026 |
| Morgan Stanley | Analyst unavailable | $262 | $228.42 | +44.2% | Jul 16, 2026 |
| Wells Fargo | Analyst unavailable | $240 | $228.42 | +32.0% | Jul 16, 2026 |
| Morgan Stanley | Analyst unavailable | $241 | $228.42 | +32.6% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $250 | $221.09 | +37.6% | Jul 7, 2026 |
| UBS | Analyst unavailable | $255 | $222.79 | +40.3% | Jul 7, 2026 |
| Morgan Stanley | Richard Ramsden | $233 | $213.92 | +28.2% | Jul 6, 2026 |
| Morgan Stanley | Analyst unavailable | $187 | $212.66 | +2.9% | Jun 12, 2026 |
| Morgan Stanley | Analyst unavailable | $194 | $190.17 | +6.7% | May 8, 2026 |
| Wells Fargo | Mike Mayo | $200 | $191.6 | +10.0% | Apr 16, 2026 |
| Morgan Stanley | Richard Ramsden | $205 | $191.6 | +12.8% | Apr 16, 2026 |
| Morgan Stanley | Ebrahim Poonawala | $225 | $191.6 | +23.8% | Apr 16, 2026 |
| Morgan Stanley | Jason Goldberg | $230 | $191.6 | +26.5% | Apr 16, 2026 |
| Morgan Stanley | Christopher McGratty | $218 | $191.6 | +19.9% | Apr 16, 2026 |
| Morgan Stanley | Analyst unavailable | $220 | $192.04 | +21.0% | Jan 16, 2026 |
| Morgan Stanley | Analyst unavailable | $210 | $191.29 | +15.5% | Jan 16, 2026 |
| RBC Capital | Gerald Cassidy | $207 | $191.29 | +13.9% | Jan 16, 2026 |
| Wolfe Research | Steven Chubak | $211 | $185.33 | +16.1% | Jan 7, 2026 |
| Morgan Stanley | Saul Martinez | $132 | $185.87 | -27.4% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $190 | $186.58 | +4.5% | Jan 6, 2026 |
| Morgan Stanley | Analyst unavailable | $219 | $181.9 | +20.5% | Jan 5, 2026 |
| Morgan Stanley | Analyst unavailable | $202 | $176.51 | +11.1% | Dec 17, 2025 |
| Wolfe Research | Steven Chubak | $198 | $158.17 | +8.9% | Nov 24, 2025 |
| Morgan Stanley | Christopher McGratty | $184 | $160.02 | +1.2% | Oct 17, 2025 |
| Wells Fargo | Mike Mayo | $177 | $162.65 | -2.6% | Oct 16, 2025 |
| Morgan Stanley | Analyst unavailable | $170 | $162.65 | -6.5% | Oct 16, 2025 |
| UBS | Erika Najarian | $165 | $156.25 | -9.2% | Oct 7, 2025 |
| Morgan Stanley | Glenn Schorr | $165 | $159.68 | -9.2% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $155 | $161 | -14.7% | Sep 26, 2025 |
| Morgan Stanley | Megan Alexander | $53 | $132.37 | -70.8% | May 16, 2025 |
| RBC Capital | Gerard Cassidy | $122 | $119.51 | -32.9% | Oct 17, 2024 |
| Wells Fargo | Michael Brown | $107 | $119.51 | -41.1% | Oct 17, 2024 |
| Morgan Stanley | Glenn Schorr | $133 | $119.51 | -26.8% | Oct 17, 2024 |
| Morgan Stanley | Jason Goldberg | $135 | $119.51 | -25.7% | Oct 17, 2024 |
| Williams Trading | Robert Kad | $58 | $107.28 | -68.1% | Oct 4, 2024 |
| Morgan Stanley | Richard Ramsden | $106 | $104.42 | -41.7% | Oct 1, 2024 |
| Wells Fargo | Mike Mayo | $95 | $101.76 | -47.7% | Aug 2, 2024 |
| RBC Capital | Gerard Cassidy | $108 | $106.22 | -40.6% | Jul 17, 2024 |
| Morgan Stanley | Glenn Schorr | $105 | $99.65 | -42.2% | Jul 3, 2024 |
| Oppenheimer | Chris Kotowski | $105 | $90.84 | -42.2% | Apr 30, 2024 |
| Morgan Stanley | Saul Martinez | $102 | $90.26 | -43.9% | Apr 19, 2024 |
| Morgan Stanley | James Fotheringham | $118 | $90.08 | -35.1% | Apr 18, 2024 |
| Morgan Stanley | Daniel Fannon | $109 | $90.96 | -40.0% | Apr 17, 2024 |
| Oppenheimer | Chris Kotowski | $101 | $89.14 | -44.4% | Apr 17, 2024 |
| Morgan Stanley | Ken Leon | $108 | $89.2 | -40.6% | Apr 16, 2024 |
| BMO Capital | James Fotheringham | $107 | $85.99 | -41.1% | Jan 29, 2024 |
| Oppenheimer | Chris Kotowski | $107 | $84.06 | -41.1% | Jan 17, 2024 |
| BNP Paribas | Jeremy Sigee | $85 | $89.7 | -53.2% | Jan 16, 2024 |
| Oppenheimer | Chris Kotowski | $103 | $78.3 | -43.3% | Nov 24, 2023 |
| Morgan Stanley | James Fotheringham | $101 | $72.92 | -44.4% | Oct 19, 2023 |
| UBS | Brennan Hawken | $105 | $93.11 | -42.2% | Jul 19, 2023 |
| Truist Financial | Naved Khan | $118.52 | $91.59 | -34.8% | Apr 20, 2023 |
| Wolfe Research | Steven Chubak | $92 | $86.82 | -49.4% | Jan 4, 2023 |
| Morgan Stanley | John Heagerty | $85 | $83.97 | -53.2% | Oct 5, 2022 |
| Goldman Sachs | Analyst unavailable | $94 | $87.87 | -48.3% | Sep 21, 2022 |
| Credit Suisse | Analyst unavailable | $97 | $87.19 | -46.6% | Sep 21, 2022 |
| Deutsche Bank | Analyst unavailable | $92 | $90.78 | -49.4% | Sep 12, 2022 |
| Oppenheimer | Chris Kotowski | $93 | $80.8 | -48.8% | Jul 26, 2022 |
| Raymond James | Analyst unavailable | $119 | $81.73 | -34.5% | Jul 19, 2022 |
| BMO Capital | Analyst unavailable | $99 | $77.43 | -45.5% | Jul 15, 2022 |
| Barclays | Analyst unavailable | $108 | $74.69 | -40.6% | Jul 15, 2022 |
| New Street | Analyst unavailable | $45 | $75.42 | -75.2% | Jul 6, 2022 |
| Credit Suisse | Analyst unavailable | $95 | $76.75 | -47.7% | Jul 5, 2022 |
| Wells Fargo | Analyst unavailable | $83 | $76.06 | -54.3% | Jul 1, 2022 |
| Piper Sandler | Analyst unavailable | $90 | $76.06 | -50.5% | Jul 1, 2022 |
| National Bank | Analyst unavailable | $100 | $75.29 | -45.0% | Jun 30, 2022 |
| RBC Capital | Gerard Cassidy | $80 | $77.44 | -56.0% | Jun 28, 2022 |
| National Bank | Analyst unavailable | $102 | $72.9 | -43.9% | Jun 21, 2022 |
| New Street | Analyst unavailable | $53 | $85.26 | -70.8% | Jun 2, 2022 |
| BMO Capital | James Fotheringham | $113 | $84.74 | -37.8% | Apr 23, 2022 |
| Truist Financial | Youssef Squali | $50 | $88.91 | -72.5% | Apr 22, 2022 |
| Wells Fargo | Mike Mayo | $94 | $83.13 | -48.3% | Apr 6, 2022 |
| UBS | Brennan Hawken | $110 | $86.99 | -39.5% | Apr 1, 2022 |
| Goldman Sachs | Richard Ramsden | $118 | $95.07 | -35.1% | Jan 19, 2022 |
| Daiwa | Kazuya Nishimura | $105 | $100.98 | -42.2% | Jan 5, 2022 |
| Wolfe Research | Steven Chubak | $140 | $103.54 | -23.0% | Jan 4, 2022 |
| Barclays | Jason Goldberg | $123 | $99.5 | -32.3% | Jan 3, 2022 |
| Citigroup | Keith Horowitz | $115 | $97.53 | -36.7% | Dec 3, 2021 |
| Evercore ISI | Glenn Schorr | $113 | $100.74 | -37.8% | Oct 15, 2021 |
| Argus Research | Stephen Biggar | $112 | $100.74 | -38.4% | Oct 15, 2021 |
| Bank of America Securities | Ebrahim Poonawala | $115 | $99.62 | -36.7% | Oct 14, 2021 |
| Societe Generale | Andrew T Lim | $125 | $103.66 | -31.2% | Sep 27, 2021 |
| KBW | David Konrad | $115 | $88.32 | -36.7% | Jul 6, 2021 |
| CFRA | Ken Leon | $95 | $78.92 | -47.7% | Apr 23, 2021 |
Track every rating change on MS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationMorgan Stanley operates as a prominent financial holding company, delivering a comprehensive suite of financial solutions and services. Its diverse clientele spans major corporations, governmental bodies, financial institutions, and individual clients across various global regions, including the Americas, Europe, the Middle East, Africa, and Asia. The firm's operations are structured into three primary divisions: Institutional Securities, Wealth Management, and Investment Management. Within the Institutional Securities segment, Morgan Stanley provides crucial capital-raising and strategic financial advisory services. This includes underwriting activities for debt, equity, and other financial instruments, alongside expert counsel on mergers and acquisitions, corporate reorganizations, real estate transactions, and project financing.…
Historical context
All MS earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| BAC-PK Bank of America Corporation | FY2026 Q3 · Calendar Q4 2026 | — | — | Bank of America pairs organic growth with AI investment |
| BAC-PN Bank of America Corporation | FY2026 Q3 · Calendar Q4 2026 | — | — | Bank of America: Q3 strength offsets a $1.2B settlement charge |
| BML-PH Bank of America Corporation | FY2026 Q3 · Calendar Q4 2026 | — | — | Bank of America: Loan Growth and NII Outlook Improve, Costs Rise |
| BML-PL Bank of America Corporation | FY2026 Q3 · Calendar Q4 2026 | — | — | Bank of America: Loan Growth and NII Outlook Offset Settlement Charge |
| BAC-PE Bank of America Corporation | FY2026 Q3 · Calendar Q4 2026 | — | — | Bank of America: NII Growth Holds, Settlement Weighs on Q3 |
| BAC-PO Bank of America Corporation | FY2026 Q3 · Calendar Q4 2026 | — | — | Bank of America: NII outlook holds despite settlement charge |
Latest beats and misses
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Missed on EPS
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-14T17:05:54.805882+00:00
- FN2 earnings calendar · 2026-10-14T01:23:13.658205+00:00
- Polygon adjusted daily market bars · 2026-10-14T17:20:49.581982+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-14T17:20:49.579044+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-14. For educational purposes only; not investment advice.