In the wake of a September investor presentation from Goldman Sachs , Instinet analyst Steven Chubak remains tepid on the stock, and prefers Morgan Stanley , he said in a note Tuesday. It will take Goldman time to realize higher earnings from its new strategies, Chubak noted, and about half of the anticipated revenue lift comes from segments that face long-term, structural headwinds, such as the shift from active asset management to passive. Goldman’s businesses are now skewed toward “lower-multiple areas,” such as fixed income, commodities and currency trading and consumer lending, while Morgan Stanley’s earning mix is “higher quality.” Goldman shares are down about 0.6% for the year to date, while Morgan Stanley’s are up 16.2%. The Dow Jones Industrial Average has gained 18.6% in that time and the S&P 500 is up 15.9%.
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