Nicked from Reuters:** Morgan Stanley says New Energy Solar's NEW.AX near-term outlook suffers from a mixture of operating and capital issues
** "While each issue is not unusual, the confluence challenges our conviction" - MS
** Brokerage downgrades the solar farm operator to "equal-weight" from "overweight"; lowers price target to A$1.08 from A$1.41
** MS says connection and inverter issues, fire damage, precipitation and low merchant prices reduced revenues and distribution in 1H20 despite strong production
** Revaluations have reduced NEW's Net Asset Value by 8% beyond 2030 - MS
** NEW distributions largely tax-deferred but not supported by operating cashflows this year, says MS
** Says it still expects growing investor interest in renewables over time
** Stock trades 0.6% higher at A$0.845, reversing early losses of up to 1.6%
** As of last close, stock has fallen ~40% this year
