IBM's Software 'Underperformance' Likely to Pressure 2026 Constant Currency Revenue Growth, Morgan Stanley Says

MT Newswires Live

2025/10/23

International Business Machines' (IBM) software "underperformance" for three straight quarters should pressure its constant currency revenue growth in 2026, Morgan Stanley said in a note Thursday.

The investment bank said Red Hat and Transaction Processing that comprise 53% of revenue of the software segment lagged estimates again.

Morgan Stanley said the constant currency software growth of 9% year-over-year in Q3 was lower than its expected 9.8%, driven by deceleration in Red Hat and Transaction Processing growth.

The firm said constant currency revenue growth estimates for next year "will increasingly become the debate" considering the headwinds in the software segment.

Morgan Stanley cut its price target on the company to $252 from $256, with an equalweight rating.

IBM shares were down nearly 3% in recent trading.

Price: 277.36, Change: -10.15, Percent Change: -3.53

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