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UPDATE: Jefferies Lowers PT on International Business Machines on Multiple Challenges Ahead

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In a report published Monday, Jefferies analyst Peter Misek reiterated a Hold rating on International Business Machines (NYSE: IBM), but lowered the price target from $225.00 to $210.00.

In the report, Jefferies noted, “We think a pause in enterprise spending affected many of our companies' Q2 results and bookings. We trim our estimates and target on IBM as we expect weak services bookings, a tough environment for software, and a delayed System x sale to lead to lowered guidance. We think EMC's Q2 will be inline to slightly below expectations but see a strong H2 ramp. We believe Allot had a solid quarter with strong bookings.”

International Business Machines closed on Friday at $192.80.

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