IBM Shares Drop Despite Strong Q1 Results

IBM shares declined despite positive first-quarter results, as Wedbush analyst cut the price target to $320 citing macro headwinds. The analyst maintained an Outperform rating on the stock. Several firms have recently weighed in on IBM, with BMO Capital maintaining a Market Perform rating, UBS downgrading from Neutral to Sell, and Goldman Sachs initiating coverage with a Neutral rating.