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Shares of Morgan Stanley (MS) - Get Morgan Stanley Report enjoyed a nice bump Thursday after an upgrade by an industry analyst.

Morgan Stanley's stock price rose 1.66% to $41.11 after Sandler O'Neill raised its rating to buy from hold.

In making their upgrade, analysts at Sandler O'Neill cited the investment bank's lower valuation compared with its peers, which they called "unwarranted."

Morgan Stanley reported earnings of $1.23 a share in the second quarter, down from $1.25 a share during the same period a year ago.

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