UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on International Business Machines Corp.

In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on International Business Machines Corp.

, and raised its price target from $220.00 to $233.00. BMO Capital Markets noted, “IBM reported Q was largely in line with our model. Revenues of $29.3 billion compared with our estimates of $29.3 billion. Operating EPS was $5.39 compared with our estimate of $5.27, but the entire difference was a lower tax rate. With a modest negative sentiment heading into the report, we think IBM is poised for some relief, particularly given the relative underperformance of the shares in CY12.” International Business Machines Corp. closed on Tuesday at $196.08.