IBM Slips as Solly Slices Target

Computer giant

IBM

(IBM) - Get Report

was down 3.3% in midmorning after

Salomon Smith Barney

cut its 12-month price target to $135 from $140.

Analyst John Jones made the move after

Sun Microsystems

(SUNW) - Get Report

lowered its sales and earnings outlook and said that technology spending is weak.

Jones also cut his 2001 earnings estimate for Big Blue to $5 from $5.10