Morgan Stanley Cuts Polycom to Equal-Weight from Overweight
Morgan Stanley downgraded Polycom (PLCM ) to equal-weight from overweight, citing the company's "choppy" results over the first half of the year.
Analyst John Marchetti says the stock is down about 3% over last three months, compared to a positive 5% move for its peer group. Longer term, he views Polycom as a solid play on secular growth trends in collaborative voice and video. However, he says this market is taking longer to develop than he originally expected, and he thinks shares fairly reflect near term revenue growth outlook for the company.