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Morgan Stanley: Financial Winner

NEW YORK ( TheStreet) -- Morgan Stanley (MS - Get Report) was the winner among the largest U.S. banking names on Friday, with shares rising 4% to close at $20.33.

The broad indexes saw slight gains, although the Census Bureau reported that sales of new single-family homes fell 1.6% during February to a 313,000 seasonally adjusted annual rate, from a downwardly revised January rate of 318,000, capping a weak of generally negative housing reports.

The KBW Bank Index (I:BKX) rose 1% to close at 49.52, with 20 of the 24 index components ending the week with gains.

Morgan Stanley's shares have now returned 35% year-to-date.

The stock trade for nine times the consensus 2013 earnings estimate of $2.36 a share, among analysts polled by Thomson Reuters, and for a heavily discounted 0.7 times the firm's reported Dec. 30 tangible book value of $27.95.

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Credit Suisse analyst Howard Chen on Friday reiterated his "Outperform" rating for Morgan Stanley, with a price target of $26, while lowering his 2012 EPS estimate to 75 cents from $1.50, "due entirely to the incorporation" of an expected $2.2 billion in debit valuation adjust losses during the first quarter.

Chen said his believed Morgan Stanley's "franchise restoration, healthier market conditions and the absence of new negatives from here could drive share price outperformance."

Interested in more on Morgan Stanley? See TheStreet Ratings' report card for this stock.

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-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.
Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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