(Bloomberg) -- Morgan Stanley downgraded the maker of Jack Daniel’s whiskey to a hold-equivalent rating on Monday, citing weaker-than-expected demand for spirits after strong growth during the Covid-19 pandemic. Most Read from BloombergTraders Line Up for ‘Once-in-a-Generation’ Emerging Markets BetBlackstone Is Building a $25 Billion Empire of Power-Hungry Data CentersTrump Cash Stockpile at Risk From $450 Million Dual VerdictsEvergrande Set for Liquidation as China Property Crisis Drags OnAmazo