【出版时间及名称】：2009年12月美国金融行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PDF
        【页数】：57
        【目录或简介】：Diversified Financials
We See 19% Upside; In-Line
We are initiating coverage of diversified financials
with an InLine industry view. We see 19% upside to
our base case, on average, vs. an expected 8% for the
S&P 500; however, our In-Line view is driven more by
the disparate group of companies we cover than by the
relative outlook.
Our coverage includes: SCHW, AMTD, NDAQ (all
Overweight); NYX, LAZ, and ICE (Equal-weight); and
GHL and CME (Underweight). Our ratings are relative
based on our view of potential returns; we purposefully
started our coverage with a group of robust companies,
and will thus be disciplined about changing ratings
based on our view of relative value at any given time.
Key earnings drivers for our coverage universe:
Interest rates, energy and commodity prices and
demand, stock market volatility, regulatory/legislative
scrutiny, and the health of the capital markets.
Why should you care about a new analyst team?
While we are new to the Diversified Financials space,
we are not new to analysis. Prior coverage included
Media and Gaming & Lodging. What we bring to the
table: a strong fundamental framework/creative &
disciplined approach to modeling companies/industries;
significant experience with highly volatile, highly
regulated companies/industries; fresh eyes; willingness
and ability to leverage our highly-collaborative
organization; we are intensely client-focused and will
hustle to do the best analysis and find answers to your
questions.