IBM price target raised to $250 from $209 at BofA

BofA raised the firm’s price target on IBM to $250 from $209 and keeps a Buy rating on the shares ahead of the company reporting fiscal Q3 results after market on Wednesday, October 23. The firm’s estimates are in-line with Street views for Q3 and “somewhat lower” for fiscal Q4, notes the analyst, who expects IBM to reiterate its guidance for FY24. The firm, which is raising FY25 estimates, is also applying a higher multiple on slightly higher margins and more confidence in IBM meeting its free cash flow target.