IBM price target raised to $160 from $140 at Wedbush

Wedbush raised the firm’s price target on IBM (IBM) to $160 from $140 and keeps a Neutral rating on the shares. The firm notes IBM reported mixed Q1/2024 results, featuring weaker than expected revenues and stronger than expected CEPS. Specifically, revenues and gross margins for both the services segment were below expectations, while year-over-year growth for RHT’s and the software segment accelerated from the prior quarter. On a separate note, furthering its GenAI focus, IBM announced the acquisition of HashiCorp (HCP) for $6.4B, Wedbush adds.