It depends on ones hermeneutics. Critical hermeneutics in Islam of the Quran is a relatively new thing, most Muslims historically were not interested in studying the Quran in its historical context, instead relying upon tradition, as is the case in many traditional societies in the region. Especially after the collapse of the Islamic golden age in the middle ages; mainstream Islamic jurisprudence rejected what we'ld think of as reason and intuitive judgement, for the most part, in matters of religion, though at one time they played greater roles in Islamic thought (this is also the time period where mainstream Islamic thought decidedly rejected the notion that Jesus was crucified and died, though they affirm, along with Christians, that he is the Messiah).
The main context of the Quran is resistance to paganism, but it also has critiques of Christian theology. That isn't necessarily outright condemnation, however. An ambivalent attitude might be the best way to sum up the Quran's attitude to Christians, hence the widely different responses to Christians by Muslims. More mystical streams of Islam tend to have a more favorable attitudes, than ones based on strict juridical interpretation.