Morgan Stanley boosts targets after forecast-beating quarterly profit NEW YORK: Morgan Stanley boosted both its short and long-term operating targets on Wednesday after coronavirus-induced volatility in financial markets helped the Wall Street bank post a quarterly profit that sailed past estimates. The company also confirmed plans to buy back US$10 billion (RM40.4 billion) of shares this year, more than three times the figures announced by its retail banking peers, as it wrapped up results for US lenders, which pointed to a modest rebound in the economy. "We are in the growth phase of this company for the next decade," Morgan Stanley chief executive officer James Gorman told analysts on a conference call. Morgan Stanley increased its two-year target for return on tangible equity to 14%-16%, from an earlier forecast of 13%-15%. The metric measures how well a bank is using its capital to produce profit. The company also raised its longer term target for the same metric to more than 17%, from its previous outlook of 15%-17%. "If we'd said to you three years ago, our aspiration was to have a 17-plus ROTCE, you would have thought we're off the planet," Gorman said, responding to one analyst, who commented that the target looked conservative.