Morgan Stanley is out with its report today on Wells Fargo (NYSE:

), maintaining Overweight. In a note to clients, Morgan Stanley writes, "We are Overweight WFC on improving credit in 2011 and rising PPoP in 2012 as expenses fade and cross sell in the newly converted Eastern regions drives core top line." At the time of posting, shares of WFC were trading at $27.25, up 1.38% from Monday's close.