RBC Capital analyst Matthew Swanson lowered the price target on IBM (NYSE: IBM) to $330.00 (from $361.00) while maintaining a Outperform rating.

The analyst comments "We expect a solid result to the start of the year when IBM reports on 4/22 AMC. While the prior year ended with a broad-based beat in Q4, the software outperformance came despite slower than expected growth from Hybrid Cloud, aka Red Hat. We'd expect things to pick up where they left off with a top-line beat driven by infrastructure and software strength being driven by Automation and Transaction Processing. Maintain our OP rating and reduce our PT to $330 (from $361) on peer multiple contraction."