Jefferies raised the firm’s price target on IBM (IBM) to $300 from $280 and keeps a Hold rating on the shares ahead of the Q3 report. The firm believes expectations are higher into IBM’s earnings after management highlighted a stronger macro backdrop and potential for software growth reacceleration in the second half of the year. Jefferies sees the growth driven by continued Red Hat strength and incremental tailwinds from automation. It thinks IBM shares can “grind higher” on improved software execution but continues to prefer others for broader artificial intelligence exposure.
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