In a research report issued today, Deutsche Bank analyst Sherri Scribner maintained a Hold rating on IBM (NYSE :IBM) with a $160 price target, following the company’s fourth-quarter results, posting sales of $24.1 billion that missed consensus of $24.8 billion.

Scribner noted, “IBM’s F4Q-14 EPS beat expectations, largely driven by better margins, but the company guided FY-15 EPS below Consensus noting that FX will be a significant negative this year. We have trimmed our estimates and PT again for IBM, after lowering them last week, and main tain a cautious view on the stock.”

The analyst continued, “We continue to expect secular changes related to the shift to the cloud to be a negative headwind for IBM over the next few years and we see revenue growth as challenged. While we remain cautious on the shares, we believe negative sentiment is largely priced in, thus we maintain our Hold rating.”