Analysts cut IBM targets and downgrade after the July 14 warning

After the July 14 warning, Bank of America cut its IBM price target to $280 from $330 but kept a Buy rating. HSBC downgraded the stock to Reduce, UBS kept a $236 target while lowering its 2026 EPS estimates, and Goldman Sachs said the results supported the bear case on IBM software. The moves added pressure to a stock that had already lost a quarter of its value in one session.

• Bank of America: target cut to $280 from $330; rating kept at Buy
• HSBC: downgraded to Reduce
• UBS: $236 target held; 2026 EPS forecasts lowered
• Goldman Sachs: said the miss supported the software bear case