E-Trade Reports Good Quarter; Morgan Stanley Deal Nears
We don’t anticipate making a material change to our fair value estimate for the narrow-moat firm and assess shares as moderately undervalued.
Michael Wong, CFA is a former sector director, AM Financial Services, for Morningstar*. He covers retail brokerages, wealth management firms, and investment banks.
Before joining Morningstar in 2008, Wong worked in corporate and public accounting. Before assuming his current role in 2017, he was a senior equity analyst, covering capital markets-related companies and insurers. Michael previously served as chair of the equity research department’s valuation committee.
Wong holds a bachelor’s degree in business administration, with concentrations in accounting, corporate finance, and financial services from San Francisco State University. He also holds the Chartered Financial Analyst® designation. Wong has also passed the Certified Financial Manager (CFM), Certified Management Accountant (CMA), and Certified Public Accountant (CPA) exams.
Wong won the “Technology Thought Leadership” award at the 2016 WealthManagement.com Industry Awards for his report, The Financial Services Observer: The U.S. Department of Labor’s Fiduciary Rule for Advisors Could Reshape the Financial Sector. In 2011, he ranked second in the Investment Services industry in The Wall Street Journal’s annual “Best on the Street” analysts survey. Wong was awarded the summer 2005 Institute of Management Accountants CFM Gold Medal.
* Morningstar Research Services LLC (“Morningstar”) is a wholly owned subsidiary of Morningstar, Inc
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