IBM price target raised to $240 from $215 at Evercore ISI

Evercore ISI raised the firm’s price target on IBM to $240 from $215 and keeps an Outperform rating on the shares. The firm thinks current Street models for calendar year 2025 “appear fairly conservative” and should macro remain stable or improve, Evercore sees room for “SIZABLE upside” to revenue and free cash flow expectations next year. Current While Street expectations for next year embed some acceleration in top line momentum, the firm sees room for upside, the analyst tells investors.