CommScope downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded CommScope (COMM) to Underweight from Equal Weight with an unchanged price target of $5. The firm believes in a telecom spend recovery, but sees it as built into Street estimates for CommScope, limiting share upside. Given continued limited options on CommScope’s debt, the stock’s risk/reward is more tilted towards the base case, “leaving us more cautious,” the analyst tells investors in a research note.