Morgan Stanley analyst Katy Huberty left her estimates on IBM unchanged after the company's "mixed" Q3, which featured Cognitive and Services signings that disappointed along with gross margins that stabilized earlier than expected. Huberty said IBM management was "surprisingly bullish" on its deal pipeline in Q4, but she thinks investors are likely to take a "wait and see" approach. While she views IBM as an underappreciated play on the "Data Era" and keeps an Overweight rating on the stock, Huberty lowered her price target on the shares to $168 from $185.