UPDATE: Morgan Stanley Downgrades Weight Watchers On Long-Term Topline Struggles With High Debt Load

In a report published Monday, Morgan Stanley analyst Dara Mohsenian downgraded the rating on

from Equal-Weight to Underweight, and lowered the price target from $24.00 to $9.00. In the report, Morgan Stanley noted, "We are downgrading WTW to Underweight from Equal-weight following 2015 guidance that was much weaker than expected. While the stock already sold off (down -35% on Friday,and -47% over the past 12 months), we believe the stock move is more than justified by the steep decline in revenue/profit/cash flow as pressure points on the business have accelerated." Weight Watchers closed on Friday at $11.33.