UPDATE: Morgan Stanley Downgrades AT&T to Equal-Weight on Valuation, Soft Revenues

In a report published Wednesday, Morgan Stanley analyst Simon Flannery downgraded the rating on AT&T (NYSE: T ) from Overweight to Equal-Weight. In the report, Flannery noted, “We see three factors driving our rating change: 1) Valuation – AT&T currently trades at a 2013e P/E of 15.5x, well above historical