UPDATE: Morgan Stanley Lowers PT to $32 on HomeAway
Morgan Stanley remains Overweight-rated on HomeAway (NASDAQ: AWAY) 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.
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