UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on International Business Machines Corp. on Weaker-Than-Expected Demand

In a report published Friday, BMO Capital Markets analyst Keith Bachman reiterated a Market Perform rating on International Business Machines Corp. IBM, but lowered the price target from $233.00 to $220.00. In the report, Bachman noted, “In our preview, we indicated that IBM would miss revenues and hit EPS. We were only partially correct. Our 2013 estimate was about $1 billion lower than consensus, and yet IBM missed our March Q revenue estimate by $1.2 billion. IBM indicated that deals slippage was caused by execution issues. We are not so sure. Oracle, Accenture, and now IBM have all posted weak Qs and guidance. We think demand was perhaps weaker than we and the companies thought.” International Business Machines Corp. closed on Thursday at $207.15.