Flywire downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Flywire to Equal Weight from Overweight with a price target of $30, up from $27. The firm says its expectation for net revenue retention stability and net new acceleration is now better built into the stock’s valuation. The analyst cites Flywire’s “premium” valuation for the downgrade, seeing a balanced risk/reward after the stock’s recent rally.