Eventbrite price target lowered to $6.50 from $9 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Eventbrite to $6.50 from $9 and keeps an Equal Weight rating on the shares. Eventbrite’s business model changes have created “a risk/reward skew among the widest in our Media & Entertainment coverage group,” says the analyst, who adds that the initial reaction to new creator fees was a more adverse impact to paid ticket growth than expected. Given that impact, the firm lowered its estimates, but acknowledges that this new revenue model can enhance growth over the long-term if successful.