Morgan Stanley (NYSE:MS) shares surged more than 5% on Tuesday after the company reported its Q4 results, with EPS of $1.31 coming in better than the Street estimate of $1.29. Revenue was $12.7 billion, compared to the Street estimate of $12.54 billion.

According to the analysts at Oppenheimer, we witnessed an environment of runaway inflation, an unprecedented rate hike cycle, down markets, and a very challenging banking backdrop. And despite all this, Morgan Stanley emerged with a 16% ROTCE, continually expanding wealth and investment management margins and pretax contribution, and its long-term targets intact (including an ultimate over 20% ROTCE).