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21.10.2019 14:44:14

IBM stock drops after UBS downgrade

UBS analyst Munjal Shah cut his rating on International Business Machines Corp. shares to neutral from buy on Monday, writing that he believes it will be hard for the company to sustainably reach mid-single-digit revenue growth. For next year, he argues that challenges for IBM's legacy businesses will "somewhat offset" the growth that stems from the beginning of the mainframe cycle as well as IBM's recently completed Red Hat deal. "The following year (2021) should be even more challenging with greater revenue pressure due to tough Year 2 mainframe compare and lower incremental Red Hat contribution," Shah wrote. He lowered his target price to $140 from $170 on the stock, which is off 0.7% in premarket trading Monday. The stock has shed 10% over the past three months, as the Dow Jones Industrial Average has fallen 1.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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