** U.S.-listed shares of the e-commerce software maker down 7.1 pct at $40.74
** U.S.-listed shares fall as much as 7.13 pct to $40.74, biggest intraday pct loss in 3 months
** Morgan Stanley cuts to "equal-weight" from "overweight"
** SHOP's merchant count has decelerated over the past few years and we expect merchant growth will continue to moderate as the platform grows - Morgan Stanley note
** 12 of 16 brokerages rate the stock "buy" or higher, 4 "hold"; Median PT $44
** Up to Tuesday's close, stock had risen nearly 70 pct this year