It will be hard for Morgan Stanley to move much higher from current levels, according to UBS.
The investment bank downgraded shares of Morgan Stanley to neutral from buy and slashed its price target to $84 from $110.
Hawken noted that while sorting is slowing, "it's unclear when it will end and the post-sorting growth algorithm for sweep balances."
Morgan Stanley is slated to report third-quarter results Oct. 18.
MS YTD mountain MS YTD stock chart — CNBC's Michael Bloom contributed to this report.
Persons:
Morgan Stanley, Brennan Hawken, Hawken, Michael Bloom
Organizations:
UBS