SAN FRANCISCO (MarketWatch) -- IBM Corp. (IBM) was downgraded to an equal-weight rating by Barclays on Monday morning. In a note to clients prior to the opening bell, analyst Ben Reitzes wrote of the impact of cloud computing and the growth of software-as-a-service, or SaaS, "which seem to adversely impact all of IBM's segments in some way." He said his report was not a call about the company's second half of the 2013 fiscal year. "It is increasingly clear to us that investors will evaluate IBM on cash flow more than earnings until revenue starts to grow meaningfully," he wrote, cutting his price target on the stock to $190 from $215. IBM shares were last down 0.7% to $182.83 in morning trades on Monday.
-Dan Gallagher; 415-439-6400; AskNewswires@dowjones.com
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10-07-13 1017ETCopyright (c) 2013 Dow Jones & Company, Inc.
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