UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on International Business Machines Corp.

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on International Business Machines Corp.

, and raised its price target from $218.00 to $220.00. BMO Capital Markets noted, “We don't think that investors doubt IBM's ability to meet the EPS target of $20 by 2015. However, we don't expect IBM to get its due credit unless the components of EPS growth are more balanced, to include revenue growth, instead of being more weighted toward buybacks and cost management...We are modestly raising our EPS estimate for the December Q to $5.27 versus $5.23 earlier (Street - $5.25). Our FY13 EPS estimate is $16.82 versus Street estimate of $$16.62, and our previous estimate of $16.81. Further, we are introducing our FY14 EPS estimate of $18.43 as compared with Street estimate of $18.41.” International Business Machines Corp. closed on Thursday at $193.65.