Morgan Stanley 2Q‘26: Fundamentals Help, Technicals Hurt, & Remain Overweight

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Morgan Stanley 2Q‘26: Fundamentals Help, Technicals Hurt, & Remain Overweight

J P M O R G A N North America Credit Research

15 July 2026

Overweight

Morgan Stanley MS

2Q’26: Fundamentals Help, Technicals Hurt, & Remain Moody's:S&P: A1A- Outlook:Outlook: STABLESTABLE

The above agency ratings are at the corporate levelOverweight

North America Corporate Credit -

Morgan Stanley had solid 2Q'26 earnings, with healthy beats on EPS and total Banks (IG), Nonbank Financials (IG),

revenues. Notably, the firm produced an industry-leading 26.6% ROTCE. The firm and Financials (HY)

reported EPS of $3.46, beating market consensus of $2.93 and revenues totaled AC Kabir Caprihan, CFA

$21.3bn, up 27% YoY and 4% QoQ, and also beating expectations of $19.6bn. Net (1-212) 834-5613

interest income in Wealth Management increased YoY driven by higher average kabir.x.caprihan@jpmorgan.com

sweep deposits and the cumulative impact of lending growth. The firm maintained Vincent Barretta

capital at very strong levels, with a CET1 ratio of 14.8%, maintaining a healthy buffer (1-212) 464-0374

above their regulatory minimum. Looking ahead, management stated that investment vincent.barretta@jpmorgan.com

banking pipelines remain supported by ongoing strategic activity from both J.P. Morgan Securities LLC

corporates and sponsors, with the firm's Advisory, Equity underwriting, and Fixed

Income underwriting all posting strong year-over-year gains. Management stated that

they are constructive on the Investment Banking outlook, and pipelines are healthy

across sectors. Furthermore, the Americas has driven the growth in 1H'26, however,

they stated that global activity is building.

We maintain our Overweight recommendation for Morgan Stanley. MS has