Morgan Stanley analyst Erik Woodring lowered the firm’s price target on IBM to $143 from $148 and keeps an Equal Weight rating on the shares after the company posted a Q4 revenue and earnings beat, but its free cash flow missed the firm’s estimate by 30%. Guidance for mid-single digit growth and $10.5B free cash flow this year was in line with expectations, said the firm, which believe 2023 "remains a show-me story" for IBM.
Published first on TheFly
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