BUZZ-BlackBerry: Morgan Stanley cuts to underweight

Wed Nov 19, 2014 8:33am EST
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** U.S.-listed shares of the Canadian smartphone company down 5 pct at $10.20 premarket

** Morgan Stanley downgrades stock to "underweight" after keeping "equal-weight" since June

** Brokerage believes market "too optimistic" in assuming BlackBerry will reach target of $350 million in new software revenue in FY 2016

** "We think the competitive market and organizational hurdles will likely keep BBRY's results well below its plan" - brokerage

** Analysts estimate Blackberry has been selling handsets at around breakeven

** Out of 37 analysts covering the stock, one has a "buy" rating, 23 have given it a "hold" rating, while 13 have a "sell" or lower rating, according to Thomson Reuters data