BMO Capital analyst Keith Bachman lowered his price target on IBM to $164 and kept his Market Perform rating after its Q3 revenue miss, also lowering his expected FY19 revenue view to $78.9B from $79.7B on adverse FX. The analyst says he remains concerned with IBM being able to deliver "consistent performance" across its business portfolio after the latest quarter showed a 3% decline in Cognitive segment's software platforms and 8% decline in transaction processing. Bachman further contends that IBM is in a "competitive disadvantage" in application portfolio's commerce, talent, and marketing areas.