UPDATE: Morgan Stanley Lowers PT to $32 on HomeAway

Morgan Stanley remains Overweight-rated on HomeAway

but lowers its price target $8 to $32 on multi-year deferral on monetization story. Morgan Stanley says, "We are lowering our price target from $40 to $32 based on our view that listings will grow more linearly and that tiered pricing will take 2-3 years to be fully implemented and reflected in financials." AWAY closed at $26.05 a share on Wednesday.