Worldline dips after MS downgrade

** Shares of Worldline WLN are down around 4% after Morgan Stanley downgraded the French payments company to "underweight" from "equal weight"

** The broker says that despite the stock falling 64% YTD, expectations must be further reset as Worldline faces several long-term challenges

** "Negative growth, declining margins, and no FCF generation in FY25," are among the reasons MS cites for the downgrade

** The stock is among the top fallers of France's SBF120 PX4 index