Morgan Stanley issued a cautious note on IBM (IBM) following its second-quarter earnings report, maintaining an Equal-Weight rating and reiterating its $253-per-share price target. While the tech giant's headline numbers seemed encouraging at a glance — including 8% year-over-year revenue growth,

Oh, on the other hand, though, you got tech companies that aren’t getting credit for solid numbers. IBM reported what looked like a nice top and bottom-line beat after the close.

The current consensus forecasts for IBM's forthcoming earnings stand at $2.66 per share on revenue of $16.58 billion. This reflects an increase from the year-ago quarter, which saw earnings of $2.43 per share on revenue of $15.77 billion.