U.S. Markets closed

Morgan Stanley downgraded to Neutral from Buy at UBS

UBS downgraded Morgan Stanley (MS), Citigroup (C), and Goldman (GS) and has taken a more cautious stance on the sector following recent shares strength. The firm said average ROTEs for the group may move up to about 10% next year but the cost of equity is 12%,implying fair valuations. Morgan Stanley's price target is $19.