IBM: Canaccord Downgrades on Valuation Basis

Canaccord Adams analyst Peter Misek this morning cut his rating on IBM (IBM) to Hold from Buy on valuation basis. He maintains his $110 price target. “The share price has performed well during a volatile bear market, and while we continue to believe IBM is one of the more defensive names within the technology sector, the risk-reward level is more balanced with less than 8% return to our target price,” he writes.

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