BMO Capital Markets analyst Keith Bachman reiterated the Market Perform rating on International Business Machines Corporation (NYSE: IBM), raising the price target to $155 from $152.
IBM registered Q3 revenue of $14.752 billion versus estimate of $14.73 billion.
On the positive side, Bachman highlights IBM's strategy, which focuses on investing in growth areas with a long-term view.
FCF was above the analyst's expectations, and Bachman increased confidence in IBM in reaching its $10.5 billion target for FY23.
Automation growth was good at 13% y/y CC, helped by the Apptio closing, the analyst adds.
Overall, according to the analyst, IBM can garner mid-single-digit Software growth on ...