BofA raised the firm’s price target on IBM (IBM) to $320 from $290 and keeps a Buy rating on the shares. Bears “cling to IBM’s pre-2020 history as a value trap,” but IBM underwent a significant transformation over the last five years by shifting their software segment towards strategic M&A investments and shedding lower growth, high-cost businesses, says the analyst, who sees the potential for revenue growth to accelerate from here. IBM can continue to re-rate higher due to its transformational initiatives, the analyst argues.
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