UPDATE: Morgan Stanley Downgrades SMART Technologies to Equal-Weight

Morgan Stanley lowers its rating on SMART Technologies SMT to Equal-weight from Overweight as the company's recovery on sales and margin is delayed. Morgan Stanley says, "We downgrade SMT from OW to EW. While we see limited downside to shares at current valuation, we believe a recovery in US school budgets could be 6+ months out and pricing / mix pressure on gross margins will last for several quarters." SMT closed at $3.60 a share on Monday.