Morgan Stanley slashes Afterpay (ASX:APT) price target for second time

Company News

by Michael Luu

Morgan Stanley has slashed the price target for Afterpay (ASX:APT) by 6.3 per cent to $149.

The second reduction to the broker’s valuation of Afterpay is in response to the Commonwealth Bank of Australia (ASX:CBA)’s plan to enter the buy now, pay later market. The banking heavyweight’s payment-in-installments service its expected to rival Afterpay’s average merchant fees, costing as little as CBA card transaction fees.

Shares in Afterpay (ASX:APT) closed 1.1 per cent higher at $119.85.