NEW YORK (TheStreet) -- Shares of Microsoft Corp. (MSFT) - Get Microsoft Corporation (MSFT) Report are down 8.4% to $43.06 in pre-market trading as analysts downgraded the company today following its fiscal 2015 second quarter earnings report yesterday after the market close.

JP Morgan downgraded Microsoft shares to "neutral" from "overweight" today and lowered their price target to $47 from $53.

"Q2 results were consistent with our expectations, as revenue grew 8% y/y, versus consensus of 7% and PF EPS of 77 cents exceeded consensus of 74 cents, underpinned by strong Commercial Cloud revenue growth of 114% y/y," JP Morgan said.

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While revenue guidance was impacted by adverse FX movement consistent with expectations, Microsoft will not exercise as much "spending discipline" as analysts had anticipated, resulting in an 8% reduction in their FY15 EPS forecast, JP Morgan added.

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Similarly, MKM Partners downgraded Microsoft to "neutral" from "buy" today and reduced its price target to $48 from $52.

"While Cloud businesses again performed well, this time they were offset by declines in MSFT's traditional businesses. While this is apt to raise concerns about cloud cannibalization, Japan & China do appear to be playing an outsized role, though beyond this there still seemed to be incremental weakness in Windows OEM & WinServer," MKM Partners said.

Additionally, Revenue guidance of $21 billion at the midpoint is nearly $3 billion below consensus, driven by Commercial Licensing, down $800 million versus consensus and D&C Licensing, down $500 million, MKM Partners added.

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