Oppenheimer lowered the firm’s price target on IBM (IBM) to $290 from $320 on compression in market multiples, while keeping an Outperform rating on the shares. The firm notes IBM reported Q1 revenue/EPS slightly ahead of expectations, benefiting from decent software growth and FX. However, consulting revenue was flat and started to see macro pressure, and infrastructure declined 4% primarily due to the end of the Z16 product cycle.
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