Technology

IBM (NYSE:IBM) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/25/2024 -0.01% Stifel $183 → $190 Maintains Buy 01/22/2024 -3.7% Stifel $144 → $183 Maintains Buy 01/19/2024 5.25% Evercore ISI Group $165 → $200 Upgrades In-Line → Outperform 01/05/2024 -5.28% Jefferies → $180 Initiates Coverage On → Hold 01/05/2024 -24.75% Societe Generale → $143 Downgrades Hold → Sell 11/13/2023 -26.33% Wedbush → $140 Reiterates Neutral → Neutral 10/26/2023 -5.8% RBC Capital $188 → $179 Maintains Outperform 10/26/2023 -18.43% BMO Capital $152 → $155 Maintains Market Perform 10/26/2023 -26.33% Wedbush → $140 Reiterates Neutral → Neutral 10/17/2023 -31.59% Morgan Stanley $135 → $130 Maintains Equal-Weight 09/20/2023 -1.07% RBC Capital → $188 Initiates Coverage On → Outperform 07/20/2023 -15.8% B of A Securities $152 → $160 Maintains Buy 07/20/2023 -24.22% Stifel $140 → $144 Maintains Buy 07/20/2023 -28.96% Morgan Stanley $135 → $135 Reiterates

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our price target by $19 to $196, utilizing a P/E of 19x our ’24 EPS estimate, near peers and above IBM’s 3-year historical average (~14x) and our previous multiple (17.5x) as IBM continues to execute its growth and cost-cutting initiatives despite a tough macro. We raise our ’24 EPS view by $0.20 to $10.30 and raise our ’25 view by $0.38 to $10.90. IBM prints Q4 sales of $17.4B and EPS of $3.87, both slightly above consensus ($17.3B/$3.78). Quarterly sales grew 4.1% Y/Y, highlighted by strong growth in Consulting (up 5.8%), which also exhibited an impressive quarterly book-to-bill of 1.30 (and 1.15 for the full year). We think IBM’s unique ability to provide consulting along with top-notch proprietary hardware and software solutions (including watsonx for