Fixed-income and equity trading desks benefited from high volatility and geopolitical uncertainty. Advisory fees saw a massive year-over-year jump of over 50% due to a rebound in M&A activity. Wealth Management continues to provide a stable earnings floor with modest net interest income growth. Morgan Stanley has now exceeded Wall Street earnings estimates for five consecutive quarters. The bank recently expanded its digital footprint by launching the Morgan Stanley Bitcoin Trust (MSBT). This performance follows a trend of "resilient institutional conditions" across major U.S. money-center banks. Analysts have raised price targets for MS, which is currently up nearly 70% over the last 12 months.
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