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JPMorgan Chase: Raises target price for IBM from $270 to $291

MarsBitNews
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Mars Finance News, June 23 — JPMorgan Chase stated in a research report that IBM has been repositioning itself from a hardware and services company to a software-led platform centered on hybrid cloud and AI for most of the past decade. JPMorgan analysts said that software is now the company's main driver, accounting for about 45% of total revenue, but about two-thirds of consolidated profit. "Considering that software has higher profit margins, the ability to recognize revenue proportionally, better cash conversion rates, and higher quality profit streams, which can support a higher valuation multiple than hardware and services businesses, we continue to view the transition to software as a positive factor." JPMorgan Chase upgraded IBM's rating from Neutral to Overweight and raised its target price from $270 to $291, citing confidence in the continued acceleration of growth in the software business.
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