Oppenheimer lowered the firm’s price target on Outperform-rated IBM (IBM) to $320 from $380 on recent compression in market multiples, but sees the stock as highly undervalued at current levels. The firm says IBM reports Q1 earnings April 22nd, with a clear path to beating Q1 estimates and raising full-year revenue on strength in software, as well as an earlier close on Confluent. However, Oppenheimer expects management to remain conservative on free cash flow and maintain their guide of $15.7B.
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