Stifel raised the firm’s price target on IBM (IBM) to $290 from $271 and keeps a Buy rating on the shares after the company held its annual investor day. Management provided in-depth reviews of each segment and its Quantum business, notes the analyst, who sees “multiple paths” to mid-single digit revenue growth. However, software growth will likely need to materially outpace the balance of the portfolio to achieve the company’s margin and free cash flow targets, the analyst added.
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