UPDATE: Jefferies Lowers Price Target On IBM On Estimate Cuts

In a report published Monday, Jefferies analyst James Kisner reiterated an Underperform rating on

, but lowered the price target from $144.00 to $130.00. In the report, Jefferies noted, “We are cutting our estimates driven by a continuing strengthening of the dollar vs. almost every other major currency worldwide since IBM's Q3 print. We continue to believe that a majority of sell-side firms misinterpreted IBM's implied Q4 guidance and expect downward earnings revisions in front of the Q4 print on 1/20. Reiterate Underperform.” IBM closed on Friday at $159.11.