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Morgan Stanley upped to buy and U.S. Bancorp to neutral at 7073彩票注册man Sachs

In a note on the banking sector after the big sell-off, 7073彩票注册man Sachs upgraded Morgan Stanley MS, -6.26% to buy from neutral, and upgraded U.S. Bancorp USB, -11.17% to neutral from sell. 7073彩票注册man Sachs said Bank of America BAC, -8.08%, Citi C, -7.01%7073彩票注册 and Morgan Stanley offer the most potential value. Morgan Stanley "offers an attractive entry point, given the market has already priced in >170% of our estimated recessionary risk, roughly twice as much as peers" while the market has "priced in 82% of a full recessionary scenario into USB's valuation, relative to roughly 70% for comparable peers, and we believe USB performs well in a downside scenario, given 1) lower interest rate sensitivity; 2) lower exposure to investment banking and market-based revenues; and 3) greater exposure to more defensive fee-based payments revenues."

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