IBM price target raised to $276 from $250 at RBC Capital

RBC Capital analyst Matthew Swanson raised the firm’s price target on IBM (IBM) to $276 from $250 and keeps an Outperform rating on the shares. The company delivered a solid quarter overall, but results were highlighted by strong outperformance in its three focal metrics – free cash flow, GenAI bookings, and Red Hat growth – as all three came in above expectations while building momentum into 2025 with guidance for $13.5B in free cash flow, the analyst tells investors in a research note.