WORK - Slack gains rare bear after Morgan Stanley downgrade on 'fading' market position

Citing competitive pressures, Morgan Stanley downgrades Slack (WORK) from Equal-Weight to Underweight with a $27 price target.The firm cites an internal survey that showed "fading positioning versus an intensifying competitive landscape, " saying that Zoom Video and Microsoft Teams are capturing "an outsized share of the Covid spending rush."Morgan Stanley sees Slack struggling to prove "its differentiation for information worker use cases."The stock's risk/reward balance was thrown off by the recent rally, and the firm notes the "potential for consensus FY22 and FY23 revenue and billing estimates to move lower."Slack shares are down 5.3% pre-market to $29.18.Slack has a Bullish average Wall Street analysts rating with a $31.24 price target and only three bears.Here's a snapshot of Slack's analyst standings:

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Slack gains rare bear after Morgan Stanley downgrade on 'fading' market position