IBM Slips as Solly Slices Target
Computer giant
IBM
(IBM)
was down 3.3% in midmorning after
Salomon Smith Barney
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cut its 12-month price target to $135 from $140.
Analyst John Jones made the move after
Sun Microsystems
(SUNW)
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
