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Actionable news in MS: MORGAN STANLEY,

Snap Inc: Lead underwriter Morgan Stanley downgrades

FILE PHOTO - A banner for Snap Inc. hangs on the facade of the New York Stock Exchange (NYSE) on the morning of the company's IPO in New York, U.S., March 2, 2017.

REUTERS/Brendan McDermid

** Snap's shares (SNAP.N) down 2.4 pct at $16.58 premarket after lead underwriter Morgan Stanley downgrades the stock, a little more than 4 months after its debut

** MS cuts to "equal-weight" from "overweight", slashes PT by $12 to $16; Below median PT of $19.50

** Snapchat's ad...