"'The narrative is becoming tedious — a lot of investments in next-gen tech but with little revenue impact and with increasing dependence on cost takeouts or below-the-line items to manage (earnings per share),' Barclays analyst Mark Moskowitz said in a note to clients Monday.
Moskowitz reiterated his underweight rating on IBM stock and cut his price target to 132 from 141, saying IBM is facing challenges shifting its business to a cloud-computing model."
http://www.investors.com/news/technology/ibm-set-to-report-earnings-as-analysts-grow-weary-of-transition/