0254 GMT - Web Travel's new bears at Morgan Stanley worry that the Australian travel-booking company's weaker earnings outlook is becoming permanent. The investment bank's analysts tell clients in a note that Web Travel has progressively ratcheted down its earnings ambitions since 2022. The company's latest trading update is now seen by the MS team as a downgrade to its long-term earnings potential. The analysts point out that shares have de-rated, but they still see risk weighted to the downside. MS cuts its target price by 47% to A$3.70 and lowers its recommendation to underweight from equal-weight. Shares are down 0.9% at A$4.30. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 10, 2024 21:54 ET (02:54 GMT)
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