** Shares of Computershare CPU.AX fall as much as 4.7% to A$38.92, their lowest level since May 22

** Stock logs biggest intraday pct loss since May 2

** Morgan Stanley downgrades stock to 'underweight' rating from 'overweight'; cuts PT to A$33.70 from A$34.60 and

** Brokerage sees limited EPS growth beyond FY25, with further buybacks at its August result are unlikely given tax inefficiencies

** Morgan Stanley expects margin income to fall 8% yoy and Management EPS growth to moderate to +3% in FY26, with downside risks to margin balances

** Average rating of 11 analysts is 'hold'; their median PT is A$38.35 – according to data compiled by LSEG

(Reporting by Sneha Kumar in Bengaluru)

((Sneha.kumar@thomsonreuters.com;))