L&T shares seen hit in next 60 days: Morgan Stanley

Morgan Stanley adds L&T's earnings guidance is at risk from slowing economy and sees downside risks to estimated FY14 revenues

Morgan Stanley says Larsen & Toubro share prices "will fall in absolute terms over the next 60 days."

Investment bank says the recent rally in shares of the Indian engineering conglomerate -- up 10.6% so far this month -- has made short-term valuations "much less compelling."

Morgan Stanley adds L&T's earnings guidance is at risk from slowing economy and sees downside risks to estimated fiscal 2013-14 revenues.

Morgan Stanley maintains L&T at "equal-weight."

L&T shares were last up 2%.