Stifel analyst David Grossman raised the firm’s price target on IBM to $183 from $144 and keeps a Buy rating on the shares. IBM, which had been underperforming, surged two weeks ago coincident with shifting sentiment in the IT Service sector, which accounts for 33% of its revenue, the analyst tells investors. The 2024 set-up “appears solid,” says the analyst, who estimates about 4% constant currency revenue growth, or about 3% organic, and EPS of $10.10.
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