Peloton falls as Morgan Stanley downgrades to 'underweight'

** Shares of fitness products maker Peloton PTON.O down ~5% at $5.12 in morning trade

** Morgan Stanley downgrades stock to "underweight" from "equal-weight", cuts PT to $4.50 from $5

** Brokerage says co is getting "outmuscled" by a shift toward strength training, with consumers increasingly favoring weights-based workouts over the cardio-focused fitness formats that underpin PTON's business

** Adds that growing gym participation also pressures co's at-home fitness model, arguing consumers are increasingly choosing fitness clubs over premium connected-equipment subscriptions

** Notes group cycling, one of co's core fitness categories, has been declining for years, suggesting a shrinking addressable market.

** Nine of 21 brokerages rate the stock "buy" or "higher", 11 "hold" and one "sell"; their median PT is $7.50 — data compiled by LSEG

** Including session's moves, stock has fallen ~16% this year