IBM price target raised to $158 from $140 at Stifel

Stifel analyst David Grossman raised the firm’s price target on IBM to $158 from $140 and keeps a Buy rating on the shares. IBM has outperformed the S&P 500 over the trailing 12-months and the past three months, noted the firm, which argues that execution should continue to improve going into 2023 as newer programs better leverage channel partnerships, align go-to-market strategies and prioritize growth. Continued macro uncertainty is "likely the primary driver of near-term performance," said Stifel, whose positive bias assumes continued operational improvements and current economic uncertainty position IBM as "a safe haven."