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In a report published Monday, BMO Capital Markets analyst Keith Bachman reiterated a Market Perform rating on International Business Machines (NYSE: IBM), but lowered the price target from $220.00 to $215.00.
In the report, BMO Capital Markets noted, “We believe that IBM's weak revenue growth will continue to weigh on the stock. Given our expectation for continued weak revenue growth, we expect IBM stock to remain range bound. Even after adjusting our revenue estimate for the inclusion of recent M&A (approximately $200 million in 2HCY13), our revenue expectations remain below consensus.”
International Business Machines closed on Friday at $192.07.
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