** 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
(Reporting by Joel Jose in Bengaluru)
((joeljose@thomsonreuters.com;))
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