UPDATE: Morgan Stanley Downgrades Qlik Technologies

In a note published early Monday morning, Morgan Stanley analyst, Keith Weiss downgraded shares of Qlik Technologies, Inc.

from Overweight to Equal-weight and lowered the price target from $34 to $29. To begin, Weiss pointed to Qlik's upcoming release of Qlik Sense later this month as an opportunity for the company to improve its product position. However, Weiss is concerned about management's ability to execute and needs "more consistent" results to regain his confidence. As an additional area of concern, Weiss noted the release of Qlik Sense will require a continued ramp in sales and marketing expenditures, which have already outpaced top-line growth for several years. Weiss commented. "We are optimistic on the long-term market expansion capabilities of Qlik Sense; however, executing on this opp. will require on point execution along with increased investment which may pressure FCF upside in the near-term." Following downgrade, shares of Qlik Technologies are trading down just over two percent in Monday's pre-market session.