IBM price target raised to $246 from $205 at Stifel

Stifel raised the firm’s price target on IBM to $246 from $205 and keeps a Buy rating on the shares. The firm notes that Q3 is seasonally weak and believes “modest” EPS outperformance is more likely than revenue, the analyst tells investors in a research note. The setup for 2025 remains positive, and the stock remains a solid defensive growth name with a 2.9% dividend yield, though it feels a little extended going into report and is more interesting on the weakness, Stifel says.