NEW YORK (TheStreet) -- Shares of Microsoft Corp. (MSFT) - Get Report are down 0.49% to $41.49 in pre-market trading today as Morgan Stanley cut its price target to $46 from $50.

"Our MSFT estimates move lower to reflect increasing FX headwinds and softer PCs. With the potential for additional drags from deferrals and/or accounting changes around Windows 10 and a recent downtick in commercial growth we remain on the sidelines," Morgan Stanley said, with an "equal-weight" rating on the stock.

Morgan Stanley's 2015/2016 EPS estimates move to $2.46/$2.70 from $2.58/$2.93.

On the second quarter earnings call, Microsoft noted a 4% point FX headwind to revenue growth based on FX rates at the time, with the bulk of the headwinds in its commercial business.

Analysts at Morgan Stanley also see less demand for PCs, citing Intel Corp. (INTC) - Get Report's recently updated guidance that implies a 15% to 20% quarter-over-quarter decline in PC demand, compared to their previous model looking for a 12% decline in worldwide PC units for the third quarter.

Analysts continue to believe the keys to a more bullish view on Microsoft remain garnering confidence in the potential drags and opportunities in the Windows business and the sustainability of commercial revenue growth.

Separately, Microsoft said on Monday the new flagship browser for Windows, which was announced in January and is codenamed Project Spartan, will not be associated with the Internet Explorer brand, according to Chris Capossela, Microsoft's head of marketing.

Today the company announced that Windows 10 will launch in 190 countries and 111 languages around the world this summer, according to Terry Myerson, executive VP of Windows, speaking at the Windows Hardware Engineering Community (WinHEC) summit in Shenzhen, China.

Insight from TheStreet's Research Team:

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says to "watch Microsoft" stock ahead of the Fed meeting today. Here's a snippet of what he had to say:

You break the spell here; you get the head of steam going into the Fed that will matter a great deal. I prefer rallies based on the financials or the transports. The fins are huge, the transports are confirming.

But this is a rally based on Apple (AAPL) - Get Report and Facebook (FB) - Get Report and it has a convincing air. It's funny. Both have been punk. Apple's been hanging around here since the watch. Facebook hit this level not that long ago and just stalled. They are part of tech we haven't had to worry about: non-personal computer, non telco, which has also stalled.

So maybe it has legs. The test case isn't Twitter (TWTR) - Get Report, which has been locked in the range, and which the trust has bought enough of. It isn't Alibaba (BABA) - Get Report, although it helps that people are thinking this one has been softened.

It's Microsoft. This is a company where the numbers are too high. If it can rally, that means we are starting to see some stability that has been absent since the Intel preannouncement. Watch that stock. It could tell you if we can run into the Fed meeting.

-Jim Cramer, 'Watch Microsoft' originally published on 3/17/2015 on Realmoney.com.

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Separately, TheStreet Ratings team rates MICROSOFT CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate MICROSOFT CORP (MSFT) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income." You can view the full analysis from the report here: MSFT Ratings Report