UPDATE: Morgan Stanley Downgrades EMC Corporation to Equal-Weight on Slowing Storage Growth

Morgan Stanley downgraded EMC Corporation

from Overweight to Equal-weight. Morgan Stanley commented, "Near-term, weak enterprise demand leads us to cut our 4Q12 EPS by $0.01, which combined with l-t uncertainty from flash and cloud disruptions shave $0.10 off our 2013 EPS. EMC remains our preferred storage vendor with a strong product portfolio and margin expansion, but we see less upside in 2013. … The weak near-term demand and less certainty around the long-term growth of enterprise storage also makes multiple expansion less likely near-term, a key element of our prior OW thesis." EMC Corporation closed at $24.02 on Wednesday.