Morgan Stanley falls after HSBC downgrades to 'hold'
** Shares of Wall Street giant Morgan Stanley MS.N fall as much as 3.8%; last down 2.8% at $129.97
** HSBC downgrades MS to "hold" from "buy"
** Brokerage says MS shares have rallied substantially recently resulting in the stock no longer offering attractive risk-reward profile
** Adds that delivering consistently good net new asset flows and healthy investment banking fee growth on tougher comparisons have become more important for MS given the bar has risen
** Still, HSBC remains constructive on MS fundamentals, with its adjusted EPS estimates above Wall Street consensus
** Six of 23 brokerages rate the stock "buy" or higher, 16 "hold" and one "sell"; median PT $122 - LSEG data
** As of last close, MS shares up 43.3% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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