Credit Suisse Lowering Estimates On IBM

Credit Suisse is out with a research report on IBM

and is lowering estimates on the Armonk, N.Y.-based company. It has a Neutral rating and a $175 price target on shares. In a note to clients, Credit Suisse writes, "We update our CY11/CY12 EPS estimates from $13.29/$14.77 to $13.23/$14.65 given building macro headwinds. The Public and Financial verticals, which represent 45% of sales, have exhibited weakness. Relative to other enterprise players, IBM has superior execution, services exposure and levers to protect its earnings, making it defensive near term." Shares of IBM closed at $172.51 yesterday.