UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Raises PT on International Business Machines Corp. on New Year, Similar Story

In a report published Wednesday, Morgan Stanley analyst Katy L. Huberty reiterated an Equal-Weight rating on

, and raised the price target from $154.00 to $159.00. In the report, Morgan Stanley noted, “While 2015 guidance is more conservative than past years, FX volatility and continued cyclical and secular pressures limit visibility into an EPS and FCF recovery. Without signs of improving software and/or services profits, we see shares treading water near-term.” International Business Machines Corp. closed on Tuesday at $156.95.