Updates with Morgan Stanley comments
** Morgan Stanley says e-commerce operations will underpin next phase of growth for Australia's Wesfarmers WES.AX
** Notes co aspires to double revenue, earnings from e-commerce operations, through its retail chain K-MART
** Adds co's focus on increasing sales productivity, cost efficiencies
** However, warns co's lithium business will undergo transitional period in FY26, with losses set to be higher than in FY25
** Citi lowers PT to A$60.00 from A$61.00; retains "sell"
** Cuts its EBIT forecasts by 1% and 3% for FY25 and FY26, respectively
** Sees lithium prices dropping; flags further downside risk if prices don't recover
** WES falls 0.5% to A$82.71
** YTD, stock gains 15.7%
(Reporting by Rishav Chatterjee and Nichiket Sunil in Bengaluru)
((Nichiket.Sunil@thomsonreuters.com;))
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