IBM price target lowered to $135 from $143 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on IBM to $135 from $143 and keeps an Equal Weight rating on the shares. The company reported a "better than feared" Q1, but a strong second half ramp will still be needed to hit a "slightly lowered" calendar 2023 EPS estimate, says the firm, which adds that its new price target reflects an unchanged multiple and lower free cash flow per share due to net debt and a higher share count.