IBM price target raised to $270 from $245 at Jefferies

Jefferies raised the firm’s price target on IBM (IBM) to $270 from $245 and keeps a Hold rating on the shares. Software revenue accelerated for the fourth straight quarter to 11% year-over-year constant currency growth and IBM’s GenAI book of business accelerated, the analyst tells investors in a post-earnings note. The calendar 2025 outlook “was positive as well,” with revenue growth expected to accel to greater than 5% year-over-year in constant currency from 3% in 2024, the analyst added.