Jefferies raised the firm’s price target on IBM (IBM) to $245 from $200 and keeps a Hold rating on the shares as part of a Q3 earnings preview. IBM has been a top performing stock in software year-tp-date “despite a marginal change in fundamentals,” the analyst tells investors in a research note. However, the firm says that with low growth expectations of 4% this year, IBM is one of the few stories with expected acceleration into 2025. For the stock to “grind higher,” the company’s software needs to continue outperforming driven by Red Hat, consulting needs to rebound after two soft quarters, and artificial intelligence contribution needs to pick up, adds Jefferies.
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