BMO Raises IBM Price Target to $265, Keeps Market Perform Rating

BMO Capital raised its IBM stock target to $265 after the company beat third-quarter estimates, while its unchanged Market Perform rating reflected questions about the durability of software growth. On Thursday, Oct. 22, BMO lifted the target from $230, a $35 increase. The new level is about 5% above IBM’s $251.46 closing price from Wednesday, Oct. 21. IBM reported $17.1 billion in third-quarter revenue and adjusted earnings of $2.95 per share, beating estimates of $16.82 billion and $2.86. Revenue grew 5% year over year, or 6% when adjusted for currency changes. Software revenue reached $7.8 billion, up 8%.

Source: TokenPost