IBM price target raised to $236 from $210 at UBS

UBS analyst David Vogt raised the firm’s price target on IBM (IBM) to $236 from $210 and keeps a Sell rating on the shares. IBM posted better-than-expected revenue and free cash flow driven by Infrastructure strength and one-time items, but underlying growth was mixed, margins fell short, and adjusted EPS would have slightly missed expectations absent a low tax rate, the analyst tells investors in a research note. Valuation appears unattractive relative to faster-growing software peers, UBS argues.

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