UPDATE: Societe Generale Reiterates Hold Rating, Lowers PT on International Business Machines Corp. Following Disappointing Q1'13 Results

In a report published Monday, Societe Generale analyst Richard Nguyen reiterated a Hold rating on International Business Machines Corp. IBM, but lowered the price target from $211.00 to $203.00. In the report, Nguyen noted, “Following IBM's disappointing Q1 13 results, we reduce our FY13-14 estimates and lower our TP to $203 from $211. We maintain our Hold rating on IBM with a c. 9.0% TSR (flat 22% payout). While we remain cautious on top-line growth prospects, we think IBM could continue to protect its EPS, albeit lower quality, thanks to cost reductions.” International Business Machines Corp. closed on Friday at $190.00.