The online retailer jumped over 10% yesterday after Morgan Stanley initiated the stock with a buy & $14 PT. The stock, along with peers, has been under pressure since the end of January as the market grapples with what the next 12 months hold given the ecommerce names will cycle record COVID assisted growth numbers. MS are of the view that the structural shift to online remains intact, particularly given Australia lags other developed countries in terms of penetration. TPW is also a key pick given they could potentially increase margins and continue to win a disproportionate amount of market share.
MM remain bullish TPW
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