BofA raised the firm’s price target on IBM to $170 from $155 and keeps a Buy rating on the shares. The setup heading into 2024 is “good” as IBM can guide 2024 within its long-term model with Software and Consulting remaining key growth vectors and the potential to see low-single digit year-over-year growth for Transaction Processing and double-digit year-over-year growth for Red Hat, the analyst tells investors. The firm made no change to estimates, but is applying a slightly higher multiple on increased confidence in estimates and management’s ability to guide 2024 within its long-term target range.
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