IBM price target lowered to $190 from $210 at BMO Capital

BMO Capital lowered the firm’s price target on IBM (IBM) to $190 from $210 and keeps a Market Perform rating on the shares. IBM’s updated segment guidance was net weaker given the trade from Consulting growth to less durable Infrastructure growth, despite maintaining the total revenue growth guide, the analyst tells investors in a research note. The company also paid a premium in its HashiCorp (HCP) deal, though the acquisition “makes sense” strategically to improve IBM’s Software portfolio and fits with Red Hat/infra focus, the firm added.