IBM ( IBM) earnings estimates were reduced through 2014 to reflect weak hardware sales at Citigroup.

IBM earnings were cut primarily to reflect the $400M of transactional deals that did not close in the quarter and weak IT spending trends, said Deutsche Bank. Price target was reduced $225.

Morgan Stanley ( MS) estimates were reduced at UBS. Morgan Stanley earnings estimates were cut for 2013 given the first quarter miss and weaker securities revenue, said UBS.

Microsoft ( MSFT) earnings estimates were increased for 2013 at UBS. Gross margins are beginning to stabilize as the company gains scale.

NetFlix ( NFLX) estimates were increased at Lazard. NetFlix estimates increased through 2013, Lazard Capital Markets said. Q1 report may swing ability to deliver sub growth. Buy rating and $200 price target.

Vertex Pharmaceutical ( VRTX) price target was increased at Deutsche Bank. Vetex' price target was increased to $100, said Deutsche Bank. F508del homozygous and other Kalydeco mutations are now expected to have a 100% success rate.

Verizon ( VZ)VZ Verizon earnings estimates were increased through 2014 to reflect strong Q1 wireless results, said Citigroup. The opportunity for a possible LBO of Vodafone's stake in Verizon Wireless remains on the table. Price target goes to $56.

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