Inveting.com - For the second time this year, Morgan Stanley (NYSE:MS) has downgraded the tech sector.
And this time the Wall Street firm says it's time to sell.
In a note to clients, Morgan downgraded tech from equal weight to underweight, saying the tech sector is vulnerable to a correction.
Unlike the Dow Industrials and S&P 500, the Nasdaq Composite did not suffer a 10% correction in February and has continued to hit record highs.
Morgan says tech stocks are "over-owned and over-loved."
The firm says tech companies are particularly vulnerable to a trade war, given their high percentage of sales to China and other overseas markets.
Morgan says tech "will not be immune to the changing attitude toward risk assets we are seeing across markets."
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