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IBM (IBM) Not Immune to Macro Headwinds- UBS

September 28, 2022 2:05 PM EDT

UBS cut IBM's price target to $112 from $118 on Wednesday, maintaining a Sell rating on the stock, stating the company is not immune to macro.

Analyst David Vogt also lowered estimates as they believe consulting revenue growth is likely to slow faster than expected, IBM is facing incremental FX headwinds, and margins... More