Marqeta downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Marqeta (MQ) to Equal Weight from Overweight with a price target of $4.50, down from $8. Marqeta will be working through "a multitude of headwinds" over the next 12 or so months, including a contract renewal with Square (SQ), "non-Square stagnation," gross profit growth uncertainty, and the firm doesn’t expect near-term resolution, though it also believes the current valuation "reflects the road ahead."