LegalZoom price target raised to $9.50 from $9 at Morgan Stanley

Morgan Stanley raised the firm’s price target on LegalZoom to $9.50 from $9 and keeps an Underweight rating on the shares. The firm updated its model to reflect management’s commentary that they will stop disclosing partner revenue starting in Q4 and the firm models to the midpoint of management’s updated guidance for 6% growth in FY23, noting that it is keeping out-year forecasts “largely unchanged.”