Yes, there is and will continue to be uncertainty around the coronavirus. But that alone does not account for the 14% fall in the WEB share price today. Flight Centre only feel 4.1%. Why? Because Morgan Stanley leveraged the coronavirus impact, and upped it with a SELL rating and a $10 target price. What's interesting (or, I should say, suspicious) about the Morgan Stanley downgrade was the reason they gave. The downgrade wasn't due to the coronavirus. In their view, it was due to threat posed by Google to online travel.
This Google chestnut has been around for sometime, since mid-last year at least. It's amazing that suddenly, today or all days, at a time when takeover talk is firming,, Morgan Stanley suddenly take heed of the Google "threat" and slap on a $10 price target.
WEB Price at posting:
$12.37 Sentiment: Buy Disclosure: Held
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