UPDATE: Citi Lowers PT on Morgan Stanley to $26

Citi is out with its report today on Morgan Stanley MS, lowering its PT from $28 to $26. In a note to clients, Citi writes, "We are lowering our 2Q estimate from $0.59 to $0.43 vs consensus of $0.56, mostly to reflect the weak FICC trading environment in 2Q. We are also lowering 2011 by $0.35 to $1.75 and 2012 by $0.25 to $2.65, due to a less positive FICC outlook and lower Asset Management revenues. We are also lowering our target price to $26 to reflect our lower EPS estimates." Citi maintains Hold on MS. At the time of posting, shares of MS were trading pre-market at $22.63, down 0.88% from Friday's close.