Morgan Stanley on LVS valuation: "After the outperformance YTD, the stock trades at ~11.5x/~10.5x MS 2025e/2026e EV/EBITDA, still below its pre-pandemic average of ~13.5x NTM EV/EBITDA.

Shares of Morgan Stanley <MS.N> fell 1 percent to $30.84 in premarket trading on Wednesday after the company reported its fourth-quarter results.