UPDATE: Morgan Stanley Downgrades Home Properties to Underweight, Lowers PT on More Downside to DC

In a report published Tuesday, Morgan Stanley analyst Haendel E. St. Juste downgraded the rating on

from Equal-Weight to Underweight, and lowered the price target from $67.00 to $59.00. In the report, Morgan Stanley noted, “Downgrading to UW and cutting PT to $59 from $67. Valuation has already come under pressure, but downside remains as DC slowdown is in the early innings. We think 2014 will be worse than the Street expects, but 2015 even worse – MSe '14 FFO $4.45 vs cons $4.55 and MSe '15 FFO $4.48 vs cons $4.76.” Home Properties closed on Monday at $55.33.