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BofA Securities lifts IBM price target; M&A can drive growth

Investing.com - BofA Securities lifted its price target on IBM (NYSE:IBM), saying the tech giant is positioned for sustained growth and improving free cash flow.

The investment bank lifted its 12-month price target on IBM to $220 from $200, with the stock down 1% at $194.81, at 10:50 ET (14:50 GMT).

Cumulative cash flows of over $19 billion (CY24-26) post dividends (plus the ability to borrow) allows for continued focus on M&A, BofA Securities said, in a note, with free cash flow accretion over two years. 

“M&A should continue to drive incremental growth in revs and FCF over time. Over the last 4 years ([Arvind] Krishna‘s time as CEO), IBM has made 39 acquisitions with most of them in software but some in consulting,” BofA Securities said.

BofA Securities keep a ‘buy’ rating, “as the turnaround at IBM (rev growth and FCF improvement) continues, with a defensive portfolio, attractive dividend yield and underappreciated AI capabilities.”

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.