IBM price target raised to $211 from $200 at RBC Capital

RBC Capital raised the firm’s price target on IBM to $211 from $200 and keeps an Outperform rating on the shares. The company delivered solid key metrics including upside to free cash flow, which carried through to FY25 guidance, while also doubling its GenAI book of business to date to $2B, the analyst tells investors in a research note. Bookings remain strong, and while the Red Hat re-acceleration took a pause, the management is optimistic on growth in the second half, RBC added.