BMO Capital analysts maintained their Market Perform rating and a $210 price target for IBM (NYSE:IBM), suggesting that for both IBM Consulting and Software segments, the current and consensus estimates for 2024 are achievable but unlikely to exceed expectations, with detailed analysis provided within their report.
Additionally, the sum of the parts valuation approach was applied, indicating that IBM’s present valuation multiple is fair. Although IBM’s operational performance and outlook have shown improvement compared to its past performance, the analyst sees limited potential for stock price appreciation from its current levels.