Morgan Stanley Resumes IBM (IBM) at Overweight

Morgan Stanley analyst Katy Huberty resumes coverage on IBM (NYSE: IBM) with a Overweight rating and a price target of $170.00.

The analyst comments "IBM normalized growth accelerated to 1.4% in 2Q19 which combined with Red Hat drives sustainable growth of 2%, 13x EV/FCF multiple, and $170 PT. Importantly, our base case assumes no Red Hat revenue synergies which could further close the valuation gap with software peers, driving $197 bull case."

For an analyst ratings summary and ratings history on IBM click here. For more ratings news on IBM click here.

Shares of IBM closed at $148.24 yesterday.

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