UPDATE: Morgan Stanley Upgrades Brocade Communications Systems to Equal-Weight as Cloud Adoption Drives Rating Changes

In a report published Wednesday, Morgan Stanley analyst Katy L. Huberty upgraded the rating on

from Underweight to Equal-Weight. In the report, Morgan Stanley noted, “We move to a Cautious view of our group as cloud computing adoption accelerates faster than expected. We downgrade ACN to EW, NTAP to EW, and TDC to UW on revenue and multiple risk from cloud adoption, and upgrade BRCD to EW and WDC to OW on better risk/reward. We favor AAPL, HPQ, WDC into 2014.” Brocade Communications Systems closed on Tuesday at $8.53.