International Business Machines Corporation (NYSE:IBM – Get Free Report) dropped 1.4% on Wednesday after Stifel Nicolaus lowered their price target on the stock from $340.00 to $290.00. Stifel Nicolaus currently has a buy rating on the stock. International Business Machines traded as low as $240.80 and last traded at $241.6160. Approximately 4,755,440 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 5,724,350 shares. The stock had previously closed at $245.07.

Several other research firms have also commented on IBM. Wedbush reiterated an “outperform” rating and set a $340.00 price objective on shares of International Business Machines in a research note on…