IBM price target raised to $160 from $150 at UBS

UBS raised the firm’s price target on IBM (IBM) to $160 from $150 and keeps a Sell rating on the shares. A slower than expected recovery in IT demand and a tough comp from the recognition of a $241M pre-tax gain in Q1 creates risk, while the strength in the US Dollar relative to the Euro, Pound, and Yen during Q4 will create a larger revenue headwind than expected, the analyst tells investors in a research note. The rise in tech valuations and the S&P is a “key factor” however in the firm assuming a higher multiple in its price to earnings valuation, UBS adds.