As previously reported, Morgan Stanley downgraded NanoString to Equal Weight from Overweight and lowered its price target to $20 from $23. Analyst Steve Beuchaw said expectations appear high relative to his instrument and CDx survey. The survey indicates muted expectations for instrument demand and industry discussions suggest less enthusiasm for the nCounter instrument for diagnostic applications. Beuchaw now expects growth to be 20-30% over the next three years compared to 30-40% growth over the last two years and lowered estimates and reduced his price target to $20 from $23 on shares.