Morgan Stanley Cuts HBX Target to €8

Morgan Stanley downgraded HBX Group International Plc to equal‑weight, reducing price target from €10.40 to €8.
Q1 total transaction value rose 16% to €2 bn, but take rate fell 90 bps to 8.4%, limiting revenue growth to 5%.
Morgan Stanley forecasts Q2 TTV growth ~7% YoY (≈11% cc) and revenue up 1%, both below consensus, citing Middle East risk.
FY26 guidance trimmed to 12% TTV growth and 0.5% revenue growth amid limited visibility and travel disruption.