Gen Digital downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Gen Digital to Equal Weight from Overweight with a price target of $27, down from $28. The analyst sees limited upside to forward earnings estimates given slowing sales, “peak” margins and higher for longer interest rates on the company’s “large” debt balance. While Gen’s valuation is “undemanding,” it is appropriate for its slowing growth ahead, the analyst tells investors in a research note.