** Shares of investment bank Jefferies JEF.N slide as much as 11.7%, hitting their lowest since Nov. 8; last down 9.6% at $72.45

** JEF late on Wednesday reported Q4 adjusted profit of 93 cents/shr, beating Wall Street expectations of 91 cents/shr, according to estimates compiled by LSEG

** JEF's Q4 investment banking revenue shot up 73%, but the momentum was not as high as Dealogic data had suggested and bulls were looking for more, Morgan Stanley says

** Brokerage adds that bulls were also looking for some core compensation ratio leverage which has not yet come through

** Compensation ratio is a measure of pay and bonuses at an investment bank as a percentage of its revenue

** MS expects compensation ratio leverage to begin in 2025 for JEF

** Still, MS notes that JEF's dividend increase shows the management's confidence in earnings growth over the next several years

** JEF stock soared 94% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))