Morgan Stanley on Tuesday downgraded Siemens AG and SKF AB  to equal-weight from overweight as well as cutting Philips Electronics NV  and Sandvik AB to underweight from equal-weight. The downgrades came as the broker lowered its view on the capital goods sector to cautious from in-line, citing factors including likely downgrades of earnings estimates and further corrections in leading indicators. The broker also upgraded Assa Abloy  to overweight, saying the stock is the only one it covers that is already trading at 2008 troughs and that its long-cycle order book means the risk-reward balance is more attractive.