Morgan Stanley lowered the firm’s price target on IBM (IBM) to $208 from $217 and keeps an Equal Weight rating on the shares. IBM missed the firm’s Q3 revenue and operating income forecasts due to Consulting/Infrastructure misses and elevated workforce rebalance charges, notes the analyst. While Software growth stands out positively, with shares trading near all-time highs, the firm thinks the quarter “had to be cleaner to sustain recent momentum,” the analyst tells investors.
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