Morgan Stanley downgrades Nasdaq to 'equal weight' rating

Morgan Stanley downgrades exchange operator Nasdaq NDAQ.O to "equal weight" from "overweight" rating

Brokerage sees risk to NDAQ's solution business growth outlook, which comprises more than 70% of the firm's revenue

Morgan Stanley says the concern about growth in the solution business is driven by challenging equity markets, which pressure IPO and listing revenue

Brokerage cuts PT to $74 from $96, still representing a 9.2% upside to stock's Monday close

Thirteen of 19 brokerages rate the stock "buy" or higher, six "hold"; their median PT is $86.50, according to data compiled by LSEG

As of last close, stock down ~14.1% YTD