On a quick assessment, Morgan Stanley found Redbubble 's result in line with guidance to slightly below FY21. A June quarter growth rate of 1% compares to -7%, -11% and -28% in the prior three quarters.

Unique customers fell to 8.3m vs 9.5m in FY21 but the repeat rate rose to 46% from 42% and selling artists grew by 19%.

Equal-weight and $1.00 target retained.

Sector: Software & Services.

Target price is $1.00.Current Price is $1.02. Difference: ($0.02) - (brackets indicate current price is over target). If RBL meets the Morgan Stanley target it will return approximately -2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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