RBC: Sees IT Spending Eroding; Downgrades, Cuts Estimates on Many Tech Stocks

RBC Capital got religion this morning on the slowdown in IT spending, cutting ratings on four stocks and slashing estimates and price targets on a host of others. The multiple moves boil down to this statement, which is repeated in most of the individual reports this morning: “We are taking a more conservative stance across our coverage universe to reflect a degrading environment for global IT spending.”

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