Morgan Stanley downgraded JPMorgan to Equal Weight from Overweight with a price target of $224, up from $220. The firm says a faster pace of interest rate cuts is positive for net interest margin at mid-cap banks and more mixed for large-cap banks. The analyst sees more room for positive net interest margin surprises elsewhere in its coverage relative to JPMorgan. Morgan Stanley is modeling for negative operating leverage next year and is “taking some chips off the table” after the stock’s outperformance.”