IBM price target raised to $222 from $208 at Morgan Stanley

Morgan Stanley raised the firm’s price target on IBM (IBM) to $222 from $208 and keeps an Equal Weight rating on the shares. The firm is optimistic that spending growth in most hardware end-markets should improve in 2025, adding that it is “more bullish” on enterprise than consumer end markets. However, with IT hardware valuations, ex-Apple, at an “all-time high,” growth in 2025 is already pricing in acceleration, the analyst tells investors.