UPDATE: Stifel Nicolaus Reduces PT to $221 on International Business Machines on FX and Economic Trend Pressure

Stifel Nicolaus reiterated its Buy rating on International Business Machines

but reduces its price target from $230 to $221. Stifel Nicolaus noted, "We are adjusting our 2012/2013 revenue estimates to reflect both incremental currency headwinds as well as moderating economic growth. Key assumptions underlying our estimates are a 1% reported revenue decline (consensus 1% growth), 2.5% constant currency revenue growth, 150bp of pretax margin expansion (headcount rebalance, mix, etc) and a 4% share decline. Visibility on revenue growth in this environment is low." International Business Machines closed at $186.26 on Tuesday.