Barclays cuts IBM rating as cloud disrupts business model
Barclays, IBM | October 08, 2013
Shares of IBM fell 1.2 per cent to $181.98 Monday after Barclays advised investors to pare holdings, with the bank cutting its price target from $250 to $190. Barclays downgraded its recommendation on the shares to “equal weight” (similar to “hold”) from “overweight” (or “buy”) because of concerns around the impact of cloud-based services on IBM’s cash flow.