Audinate shares dive as Morgan Stanley slashes price target
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The news: Audinate was the worst performing ASX 200 stock by afternoon trading after Morgan Stanley cut its price target on audiovisual company.
The numbers: Audinate shares were down 3.5% to $7.07 at 2:50pm AEDT, having retreated by more than 50% over the last 12 months.
Morgan Stanley retained its 'overweight' rating on the stock but trimmed its price target from $10.50 to $9.
The context: Morgan Stanley analysts said that "near-term catalysts are few and visibility is low" ahead of Audinate's first-half results.
However, they noted that the stock has already de-rated and ultimately trades with momentum into the second half of FY25 and FY26.
The source: Morgan Stanley research
