UPDATE: Morgan Stanley Cuts PT to $72 on Yum! Brands Ahead of Q4

Morgan Stanley reiterated its Overweight rating on Yum! Brands YUM and lowered the price target from $77.00 to $72.00. Morgan Stanley noted, "Depth and duration of sales declines in China and YUM's counteractions will likely be the entire focus of the 4Q call. Indications we've seen suggests the problem may have intensified due to the drumbeat of news stories. Lowering 1Q China SSS to -10%; cutting year to $3.58." Yum! Brands closed at 64.63 on Friday.