There is a great debate raging over when to lift the tough health restrictions imposed to fight the coronavirus outbreak.

President Donald Trump said Tuesday he wants the country "opened up and just raring to go by Easter." The goal is to limit the severe financial damage caused by shutting down large parts of the economy.

But Morgan Stanley is warning that there are real risks to that strategy.

"If the White House were to relax the social distancing measures 'soon,' well ahead of the necessary timeline to have a significant impact on our view, it would raise the risk of increasing the peak or delaying the time to peak," Morgan Stanley analysts wrote in a report Tuesday.

In other words, rather than flattening the curve, the government would be making it worse.

If anything, the Wall Street firm is growing more concerned about the coronavirus outlook in the United States, which now has more than 50,000 confirmed cases.

"High positive testing rates and mixed lock down measures raise [the] risk that our base case forecast may be optimistic," Morgan Stanley analysts wrote.