** Macquarie Group MQG.AX falls 1.3% to A$176.59
** Morgan Stanley cuts FY26 EPS forecast by 9% to 8% below consensus on challenges like lower gains on sale, lower M&A fees
** Upgrades to "equal-weight"; trims PT to A$191 from A$224
** Says bank's FY26E EPS growth is seen at 7%, but projected 12% ROE not enough to support 2x Price-to-Book ratio
** YTD, MQG down 20.2%
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))
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