RBC Capital analyst Matthew Swanson lowered the firm’s price target on IBM (IBM) to $330 from $361 but keeps an Outperform rating on the shares ahead of its Q1 results next week. The company’s prior year ended with a broad-based beat in Q4 as software outperformance came despite slower than expected growth from Hybrid Cloud, and the firm expects things to pick up where they left off with a top-line beat driven by infrastructure and software strength being driven by Automation and Transaction Processing, the analyst tells investors in a research note. RBC adds that its reduced price target on IBM reflects peer multiple contraction.
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