Ciena falls on Morgan Stanley downgrade

Shares of networking equipment maker Ciena CIEN.N fall ~2% to $78.87 in early trading

Morgan Stanley downgrades stock to "underweight" from "equal weight", trims PT to $70 from $73

Brokerage sees more muted earnings follow-through on any upside surprises, citing a higher mix of lower-margin pluggable products and tougher year-over-year comparisons in the telecom segment during H2

The new price target represents a ~13% downside to the stock's last close

Average rating of 18 brokerages is "buy"; their median PT is $84 - according to data compiled by LSEG

Stock down ~6% YTD