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.