Bernstein raised the firm’s price target on IBM to $165 from $145 and keeps a Market Perform rating on the shares. On net, the firm sees a path by which IBM can achieve its $12B free cash flow bogey this year. However, Bernstein notes that IBM’s free cash flow is benefiting from a $1B-1.3B annual tailwind from lower cap ex vs. depreciation, a differential that will invariably converge.
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