1351 ET - There's a high bar for enterprise original equipment manufacturers heading into earnings, Morgan Stanley analysts write in a note, following stock rallies and estimates through the year-end being revised upward. "Relative to 3 months ago, the setup for our enterprise hardware OEM universe is more challenging entering July quarter earnings," the analysts write. Hewlett Packard Enterprise has the best setup, with a comparatively modest valuation and expected overperformance in its networking business, they write. The buyside expectations are highest for Dell, although the analysts remain "slightly more positive than negative" on the company. Things look toughest for Hewlett Packard, where a third-quarter beat is already priced in and the fourth-quarter outlook may reflect deteriorating trends, the analysts write.