IBM price target raised to $160 from $152 at BofA

BofA analyst Wamsi Mohan raised the firm’s price target on IBM to $160 from $152 and keeps a Buy rating on the shares after the company reported Q2 results, maintained full year guidance and noted early traction in AI. While IBM did not provide explicit guidance on AI, the stock is not discounting any change in trajectory of revenue of profits and if the company delivers on metrics similar to RedHat/OpenShift, it could see 2 points of growth, perhaps not all incremental, to consulting by 2025 and 1 point to Software growth, BofA estimates.