IBM (IBM) PT Lowered to $148 at BMO Capital on Software Concerns
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BMO Capital analyst Keith Bachman lowered the price target on IBM (NYSE: IBM) to $148.00 (from $155.00) while maintaining a Market Perform rating, citing remaining concerns on software.
The analyst commented, "We offer some thoughts on IBM, and IBM’s Software business more specifically. While we are intrigued with IBM’s valuation, particularly given the backdrop of rising rates, we are not yet comfortable or convinced that IBM can meet mid-single Software growth targets, without 2 to 3 points of M&A. More specifically, while we believe that Red Hat can maintain mid-teens type of growth, we have less confidence in the balance of the portfolio. Hence, we are staying on the sidelines, and we lower our price target to $148 from $155."
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