 Morgan Stanley analyst Katy Huberty downgraded CDW Corp NASDAQ:CDW to Equal Weight from Overweight with a price target of 196, down from 208, suggesting a 12 upside, as part of the downgrade of her IT Hardware industry view to Cautious. The firms U.S. Equity Strategy Team believes the market is in the later innings of a mid-cycle transition, and Hardware has been the worst-performing Tech group and underperformed the SP by 11 over the past four months, Huberty noted. 