Shares of Morgan Stanley (MS) - Get Report opened higher on Wednesday after an upgrade to 'Buy' from 'Hold' at Deutsche Bank this morning. 

Deutsche Bank analyst Matt O'Connor contended that the upgrade is based on the recent pullback in the stock and optimism for capital markets beyond the first quarter. 

Additionally, sustained successful execution within Fixed Income Clearing Corporation will support a higher multiple, O'Connor wrote in a note.

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O'Connor hiked his price target on the stock to $47 a share.