Morgan Stanley Expects Claim Costs To Weigh On Multiple For TriNet Group

In a report published Wednesday, Morgan Stanley analyst Smittipon Srethapramote reiterated an Overweight rating and $37.00 price target on

. In the report, Morgan Stanley noted, "While the underlying fundamentals remain strong with WSE growth continuing to track above our expectations, the insurance surprise was larger than we would have thought and market worries will likely weigh down on the multiple in the near term. Remain OW." TriNet Group closed on Tuesday at $37.88.