IBM price target raised to $145 from $140 at Citi

Citi analyst Jim Suva raised the firm’s price target on IBM to $145 from $140 and keeps a Neutral rating on the shares post the Q4 results. IBM’s Consulting signings are encouraging and fueling their mid-single digit revenue growth guidance for fiscal 2023, the analyst tells investors in a research note. However, the company’s operating margins and free cash flow missed expectations, adds Citi. The firm continues to look for signs of more sustainable revenue growth and margin expansion.