Shares of Pure Storage(PSTG) - Get Report  were down 9.93% to $10.52 after the data platform company was downgraded to "Equal Weight" from "Overweight" at Morgan Stanley.

Analyst Katy Huberty also cut the price target to $12 from $17, based on increased competition and slower new product traction.

The Morgan Stanley analyst sees uncertainty surrounding the company's opportunity to expand TAM with FashBlade, and other new products as re-sellers note increasing competition in the low-end of the market.  

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