banking analyst from ladenburg thalman, dick bove say that ms is expensive at $15 and list a number of items suggesting that the current valuation can not be justified even accounting for earnings into the next 24 months.
bove claims that mitsubishi banks 25% stake in ms for $9 billion is a big mistake and the japanese bank should have bought ms for $11 billion a week ago.
ms traded recently at $15.90
bove was also the analyst who had a buy rating on lehman back in september 2008 with a buy out target of $20 from a korean bank.
lehman went bankrupt less than 10 days after bove's $20 buy recommendation.
paul
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