UPDATE: Morgan Stanley Downgrades Waters Corporation to Equal-Weight, Removes $87 PT

In a report published Friday, Morgan Stanley downgraded its rating on Waters Corporation

from Overweight to Equal-Weight, and removed its $87.00 price target. Morgan Stanley noted, “Growth is set to improve from sub-par 2012 levels, but stock incorporates much of this improvement, yielding 8% upside in our base case over the next 12 months. Given better risk-reward for our other Overweights, we downgrade WAT to Equal-weight.” Waters Corporation closed on Thursday at $86.22.