IBM price target lowered to $140 from $150 at Evercore ISI

Evercore ISI analyst Amit Daryanani lowered the firm’s price target on IBM to $140 from $150 and keeps an In Line rating on the shares. IBM reported largely in-line March quarter revenue and maintained their calendar 2023 free cash flow guidance of $10.5B, but adjusted their revenue growth target to up 3-5% at constant currency, which is down moderately from a prior expectation for mid-single digit growth, the firm noted. Although IBM’s growth outlook was slightly reduced, Evercore views the updated guidance as prudent and "better than feared," the analyst tells investors.