Morgan Stanley on Friday downgraded earnings estimates for computer chip equipment maker ASML , the latest brokerage to do so following weakness in the memory chip market and concerns over demand from Chinese chipmakers and Intel .

Morgan Stanley downgraded ASML Holding NV (NASDAQ: ASML) on September 20 by cutting the stock’s rating from Overweight to Equal-weight. The firm also revised its price target for ASML to €800 from €925,

ASML's (NASDAQ:ASML) stock fell about 2% premarket on Friday after Morgan Stanley downgraded the shares to Equal-weight from Overweight. The firm also reduced the price target on the shares of The Netherlands-based company to €800 from €925.

Morgan Stanley analysts reduced their rating on ASML Holding (AS: ASML) shares from Overweight to Equal-weight, and cut the price target from €925 to €800, citing “late-cycl