Morgan Stanley Dean Witter
cut its ratings and price targets on several European telecom equipment and technology companies, a sector that has been slogging through an industry-wide spending slowdown.
Morgan Stanley cut its price target on
, which is based in Amsterdam, and
, of Paris, and downgraded both companies' ratings to outperform from strong buy. The investment bank also downgraded Finland's
, taking both mobile-phone makers to a neutral rating from an outperform.
While Morgan maintained its rating of strong buy on
, the firm cut its price target on the stock. The firm also kept its outperform rating on
, but again lowered the price target. Morgan Stanley also reduced its price target on