UPDATE: IBM (IBM) Cut to Underperform at Credit Suisse, Organic Growth Challenged

August 6, 2013 6:39 AM EDT
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Price: $170.55 +2.24%

Rating Summary:
    10 Buy, 21 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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(Updated - August 6, 2013 9:03 AM EDT)

Credit Suisse downgraded IBM (NYSE: IBM) from Neutral to Underperform with a price target of $175. Analyst Kulbinder Garcha thinks future organic growth will be challenging and he sees headwinds in Mainframe, UNIX Hardware and related software. He also sees risk as businesses shift to cloud, and he believes potential for divestitures and acquisitions are limited due to multiple expansion in the software sector. Garcha also noted IBM's deteriorating free cash flow.

For an analyst ratings summary and ratings history on IBM click here. For more ratings news on IBM click here.

Shares of IBM closed at $195.50 yesterday.

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