As previously reported, Morgan Stanley downgraded SanDisk (SNDK) to Equal Weight from Overweight. The firm has increasing concerns that execution issues, particularly with its biggest customer Apple (AAPL), are not behind it and recovering lost Apple SSD share will be difficult. Morgan Stanley expects Samsung will become one of the iPhone 6 suppliers and channel checks suggest the company will play a bigger role in NAND, pressuring SanDisk's position. The firm lowered its price target on shares to $75 from $80 and sees risk/reward as fairly balanced.