0047 GMT - Web Travel's smaller scale and pressure on global take rates are the obstacles to Morgan Stanley analysts becoming more positive on the stock. The MS analysts raise their recommendation to equal-weight from underweight following a recent derating, but are cautious given that the Australian travel agency is only the No.3 global player in hotel wholesaling. It also has the lowest proportion of directly contracted inventory, they tell clients in a note. They add that Web Travel's earnings power may be constrained by lower take rates seen recently among its peers. MS raises its target price by 10% to A$4.40. Shares are up by 7.0% at A$4.675. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

November 25, 2025 19:47 ET (00:47 GMT)

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