IBM price target lowered to $190 from $210 at Jefferies

Jefferies analyst Brent Thill lowered the firm’s price target on IBM (IBM) to $190 from $210 and keeps a Hold rating on the shares. While top-line results missed expectations and consulting growth was soft, commentary on the software business was constructive, the analyst tells investors. IBM also announced its acquisition of HashiCorp (HCP), which the firm views as a strategic asset that should support the company’s software-first initiative. While shares screen as “attractive” on valuation, a lack of a near-term accelerant and timing of software inflection keeps Jefferies on the sidelines.