Morgan Stanley on Friday downgraded earnings estimates for computer chip equipment maker ASML , the latest brokerage to do so following weakness in the memory chip market and concerns over demand from Chinese chipmakers and Intel .

Morgan Stanley downgraded ASML Holding NV (NASDAQ: ASML) on September 20 by cutting the stock’s rating from Overweight to Equal-weight. The firm also revised its price target for ASML to €800 from €925,

ASML's (NASDAQ:ASML) stock fell about 2% premarket on Friday after Morgan Stanley downgraded the shares to Equal-weight from Overweight. The firm also reduced the price target on the shares of The Netherlands-based company to €800 from €925.

Shares of (ASML) are falling as Morgan Stanley became the latest bank to downgrade earnings estimates for the chip company. Deutsche Bank and UBS both previously downgraded estimates, citing growth concerns for the broader chip market and increased competition from both Intel (INTC) and Chinese manufacturers.