JPMorgan raised the firm’s price target on IBM (IBM) to $233 from $227 and keeps a Neutral rating on the shares as part of a Q4 earnings preview. The firm expects “healthy” software and artificial intelligence business for Q4, offset by soft consulting, the tail end of a mainframe cycle, and uncertainty around the level of near-term dilution from pending acquisitions. Expectations for IBM “remain reasonable” as consensus estimates imply revenue growth of 1.6% year-over-year for Q4 reflecting consulting and infrastructure softness, the analyst tells investors in a research note.
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