Morgan Stanley downgraded Comverse Technology (CMVT) to neutral from strong buy.
Analyst David Raezer says the downgrade is based on the absence of near-term catalysts, with shares looking fully valued on revised estimates. In addition to the downward revision to the EPS, he believes the rationale for the downgrade stems from the fact that this dislocation in the company's business
makes forecasting reacceleration difficult. Raezer put his estimates under review.