Leslie’s downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Leslie’s (LESL) to Underweight from Equal Weight with a price target of $1.50, down from $3.50. The firm says the company’s trends have “decelerated significantly.” Both Leslie’s and the industry’s fundamentals and visibility is “exceedingly low,” which are compounded by the company’s limited track record as a public company, the analyst tells investors in a research note. Morgan Stanley cites the company’s “prolonged” turnaround and continued market share loss for the downgrade.