Jefferies Downgrading Lionbridge Technologies

Morgan Stanley is out with a research report on Lionbridge Technologies LIOX and is downgrading shares to Hold with a $2.75 price target on shares. In a note to clients, Morgan Stanley writes, "2Q results suggest LIOX may be turning the corner in terms of operational performance, but we think investors may be inclined to wait for more supporting data points before warming up to the stock. Restructuring actions are finally starting to tail off, but the core translation/localization business remains prone to lumpiness tied to clients' somewhat unpredictable product cycles. Assume coverage with Hold rating (was Buy previously)." Shares of LIOX lost 10 cents on Friday to close at $2.58.