Here’s what Morgan Stanley said about Afterpay:

‘APT’s US app downloads in Mar-2021 were >3x the amount in Mar-2020, and were even above the Dec-2020 seasonal peak. This suggests APT's platform in the US may be expanding more rapidly than we expect. Coupled with its recent entry into the EU, APT appears on track to build a global BNPL platform.’

Overall, Morgan Stanley remains bullish on Afterpay, reiterating their $159 price target and Overweight rating. That’s not quite as confident as they were before, mind you. In Mid-February MS analysts ratcheted up their price target on APT to $170. As investors fled the sector on mass, they lowered that price target.