Bank of America Sits Down With Upper Mgmt at Morgan Stanley

Bank of America has published a report on Morgan Stanley MS after an interview with the CEO of the Global Wealth Management and Investment Management sectors. In the report, Bank of America wrote, "We met with Greg Fleming, CEO of MS Global Wealth Management (GWM) and Investment Management (MSIM). Focus was on drivers of GWM margin growth, particularly “control” drivers, i.e. not market dependent. Fleming noted he targets “normal” profitability in 2013-‘15, with 2011-‘12 still a transition period. System conversion timetable still on the track laid out in Dec. '10, starting this quarter." Bank of America rated Morgan Stanley a Neutral with a price target of $26.00. Morgan Stanley closed Thursday at $22.36.