** Analysts at Morgan Stanley lower price target for Australia's Tabcorp Holdings TAH.AX to A$1.02 from A$1.15; maintains "overweight" rating

** Brokerage says competitor results indicate a challenged start to the Australian wagering market in FY26, after Entain ENT.L reported a 6% fall in Australian net gaming revenue in FY26 while Flutter FLTRF.L posted a 5% decline in Australian sportsbook handle in Q3

** Morgan Stanley cuts FY26 EBITDA estimates for Tabcorp by nearly 11%; lowers FY26 NPAT estimates by nearly 44%

** Nine out of 11 analysts rate the stock "buy", and one apiece rate "hold" and "sell"; set median PT at A$1.02, according to data compiled by LSEG

** Stock last down 3.2% at A$0.9; YTD up 59.3%

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))