22 Quotes by Morgan Stanley

We remain concerned about the sustainability of performance.

With this overlap in mind, (takeover) interest from third parties may well be limited.

We have significantly increased our short-term and long-term commodity price forecasts to reflect our expectation of sustained tight markets and ongoing deficits in 2006.

Net interest margin and Net interest income were stronger than expected, as BAC kept a tight lid on deposit pricing, shrank the securities portfolio and delivered strong loan growth. This should help reduce investor concerns on the bank's ability to manage through the flat yield curve.

Recent environmental disasters suggest that China needs to find a better balance between growth and environmental protection. The obsession with GDP has led to a neglect of growth quality issues.

We now think that (U.S.) crude oil could reach $61 before a meaningful sell-off occurs. Long-term price patterns point to even higher prices.

We continue to struggle to find attractive valuations in the sector, and, in contrast to last October, we feel short term drivers are turning negative rather than positive.

While 2006 earnings targets appear achievable, we are concerned with the projected sustainability of volume and margins at the core Auto division. Fiat is not alone in lowering costs within its industrial base. Rival volume makers such as VW, Renault, Peugeot-Citroen, GM and Ford will also make significant restructuring improvements. In addition, Japanese and Korean market share gains are set to accelerate, putting manufacturers like Fiat on the hot seat.

We must work out if one year of increased spending is enough to boost growth and brand positioning, or will 2007 guidance come under further pressure.