The Accent Group (ASX:AX1) share price just got hit by a broker downgrade

The Accent Group Ltd (ASX: AX1) share price is lagging behind the consumer discretionary sector after it was downgraded by Morgan Stanley.

The AX1 share price is trading flat at $2.41 during lunch time trade when the sector gained 0.4%.

Big gains by the Premier Investments Limited (ASX: PMV) share price, JB Hi-Fi Limited (ASX: JBH) share price and Harvey Norman Holdings Limited (ASX: HVN) share price is pushing the sector ahead of the S&P/ASX 200 Index (Index:^AXJO).

Time to take profit on the AX1 share price?

The Accent Group share price is probably held back by Morgan Stanley after it urged investors to take profit now.

The broker downgraded the footwear retailer to “equal weight” from “overweight” as it believes…