) were lower after Goldman removed the company from its recommended list. Goldman now rates Morgan Stanely as a market perform. Analyst Richard Strauss notes the group has jumped another 10% this past month, and that Morgan Stanley is now definitely ahead of itself. Strauss adds the shares have appreciated about 60% off Sept. 20 low. On both price-book, P/E, Morgan Stanley is the most expensive of pure brokers that he covers. Meanwhile, the company is among the most exposed to some of the businesses that fell the farthest--including M&A, retail brokerage -- and that still remain under serious pressure. Strauss also cut his 2002 EPS estimate to $3.90 from $3.45.