IBM (IBM) PT Lowered to $175 at Argus on 2Q Report; Revenue Slowdown in Strategic Initiatives Group Results in 21st Consecutive Quarter of Declining Revenues

July 21, 2017 7:55 AM EDT
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Argus lowered its price target on IBM (NYSE: IBM) to $175.00 (from $192.00) while maintaining a Buy rating, following the company's second quarter earnings announcement.

Analyst Jim Kelleher notes the company delivered second quarter earnings per share figures above consensus projections, but disappointed on revenues, the 21st consecutive quarter of revenue declines, citing a slowdown in revenue growth from the Strategic Initiatives segment.

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