Morgan Stanley has made several key downgrades in technology, as well as a few lesser upgrades. Both IBM (NYSE: IBM) and Dell Inc. (NASDAQ: DELL) were downgraded to Equal-Weight from Overweight. Also cut to underweight were Citrix Systems (NASDAQ: CTXS) and Autodesk (NASDAQ: ADSK). Novellus Systems (NASDAQ: NVLS) and Texas Instruments (NYSE: TXN) were downgraded to Equal-Weight from Overweight; and STMicroelectronics (NYSE: STM) was cut to Underweight.
There were actually a few Morgan Stanley upgrades in the broader call as well. PMC-Sierra (NASDAQ: PMCS), QLogic (NASDAQ: QLGC), Lam Research (NASDAQ: LRCX) and Xilinx (NASDAQ: XLNX) were all raised to Overweight.
JON C. OGG