Analyst views remain broadly positive but mixed, with fresh target cuts

Monness Crespi Hardt’s $90 Buy initiation and Morgan Stanley’s reported cut from $82 to $79 at Equal Weight remain the latest cited rating changes; Morgan Stanley’s note date and rationale are unclear. Recent coverage repeats a 34% GMV-growth estimate versus company guidance near 31% ahead of the November 5 report. These are forecasts, not operating results; valuation and credit performance remain more important to the thesis.