UPDATE: Morgan Stanley Downgrades LPL Investment Holdings

According to a research report published this morning, Morgan Stanley has downgraded LPL Investment Holdings

from Overweight to Equal-weight. In the report, Morgan Stanley said, “After trading up 24% YTD, LPLA stock is close to our $39 YE12 target. While we think LPL deserves a premium to the online brokers given higher organic growth, we're wary that a correction in the mkt (MS strategy view) could pose NT risks given LPL's leverage to asset levels; we move to Equal-weight.” LPL Investment Holdings closed Friday at $37.94.