RBC Capital raised the firm’s price target on IBM (IBM) to $285 from $276 and keeps an Outperform rating on the shares. The firm’s non-deal roadshow with management saw investor focus split between assessing the risk from macro and federal with secular drivers around hybrid and AI, the analyst tells investors in a research note. RBC adds that IBM highlighted the key trends that gave investors confidence in their guidance and success as “client zero” for GenAI, serving both as a PoC – Proof of Concept – and a source of operating leverage.
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