Fund manager Aberdeen was a heavy faller on the FTSE 100 on Friday after a ratings downgrade by Morgan Stanley from 'equal weight' to 'underweight'. The bank said that a "deteriorating" fund performance at Aberdeen compounds challenging fundamentals in the emerging markets (EM). This "increases the risk of negative revisions and further multiple de-rating" for the stock, it said.Investec has cut its rating for Lloyds Banking Group from 'buy' to 'hold', saying that expectations for 2013 are still "slightly frothy".Analyst Ian Gordon believes that sell-side forecasts for earnings per share in 2013 are still too high, with the current 2.5p estimate more than double what it should be. Meanwhile, there is still upside risk to charges for PPI redress with Lloyds' cover "far too thin".Deutsche Bank has maintained its 'sell' rating for publishing and education firm Pearson, saying that the market seems to be under-appreciating the severity of the firm's gloomy trading update."The bigger picture message - a more costly, bigger restructuring, of a business facing numerous cyclical, competitive, timing and structural problems - suggests to us a stock that should be de-rating, not re-rating."Citigroup has lowered its recommendation for Whitbread from 'buy' to 'neutral', saying that the valuation of the hotel and leisure stock is approaching peak multiples.Following a 25% rally since October after "strong results, a positive investor day and further confirmatory trading data", the bank said that stock now looks "fully valued".BC