Morgan Stanley lowered the firm’s price target on IBM (IBM) to $217 from $222 and keeps an Equal Weight rating on the shares. IBM shares “feel largely fully valued” after a strong year of outperformance in 2024, says the analyst, who doesn’t expect results from IBM’s Q4 earnings report on Wednesday, or the company’s new three-year growth model at the February 4 analyst day, to materially under, or outperform, the firm’s or buyside expectations. For that reason, the firm sees the analyst day “setting up as a potential ‘sell-the-news’ event,” the analyst tells investors.
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