Morgan Stanley downgrades Robinhood to 'equal weight' rating

Morgan Stanley downgrades retail trading platform Robinhood HOOD.O to "equal weight" from "overweight" rating on a lower retail demand environment

Brokerage expects retail investors' disengagement to pressure Robinhood's HOOD.O transaction-based revenue in the near to medium term

Morgan Stanley cuts PT to $40 from $90, which still represents a ~13% upside to stock's close on Monday

13 of 21 brokerages rate the stock "buy" or higher, 8 "hold"; their median PT is $60.50 — LSEG data

As of last close, stock down ~9.5% YTD