As previously reported, Morgan Stanley analyst David Lewis downgraded Hologic (HOLX) to Underweight from Equal Weight, stating that his checks with about 40 medspas highlighted market saturation of body sculpting devices. This, coupled with Allergan's (AGN) recent announcement of discounting CoolSculpting to drive its installed base, suggests Hologic's acquisition of Cynosure may not be as accretive as expected, Lewis tells investors. Additionally, in the company's Surgical segment, he expects NovaSure will continue to lose share as procedures shift to the office where NovaSure is less popular given periprocedural pain. Given both of these views, Lewis views Hologic as less attractive relative to peers and cut his price target on the stock to $39 from $44.