Analysts are Cutting Price Targets of These 5 Tech Stocks After Earnings

In this article, we discuss the 5 tech socks that received price-target cuts from analysts after their recent earnings. If you want to read our detailed analysis of these companies, go directly to Analysts are Cutting Price Targets of These 10 Tech Stocks After Earnings.

5. International Business Machines Corporation (NYSE:IBM)

Number of Hedge Fund Holders: 43

Credit Suisse recently slashed its price target for International Business Machines Corporation (NYSE:IBM) from $166 per share to $156 per share. The revised price target follows the company’s second-quarter results.

International Business Machines Corporation (NYSE:IBM) reported adjusted earnings of $2.31 per share on revenue of $15.54 billion. This compares to analysts’ average estimates of $2.27 per share for earnings and $15.18 billion for revenue.

On the downside, International Business Machines Corporation (NYSE:IBM) lowered its free cash flow outlook for the full year amid a strong dollar and discontinuation of business in Russia. The company now expects a free cash flow of $10 billion for 2022, below its previous outlook in the range of $10 – $10.5 billion.