BofA lowered the firm’s price target on IBM (IBM) to $310 from $320 and keeps a Buy rating on the shares following “a mixed quarter” in which organic software deceleration was offset by strong contribution from better-than-expected Infrastructure results. While estimates are “likely headed higher,” the more cyclical business doing better will likely constrain valuation in the near-term, the analyst tells investors in a post-earnings note. The firm thinks this has “turned into a show me story on software” in the second half, but remains bullish on the overall company trajectory, the analyst added.
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