Stifel analyst David Grossman raised the firm’s price target on IBM (IBM) to $271 from $246 and keeps a Buy rating on the shares. The stock was up 8%-9% in after-market trading, which likely reflects stronger free cash flow performance and 2025 free cash flow guidance, says the analyst. While a strong set-up into 2025 is known, the ability to drive stronger free cash flow “suggests execution improving and should support a higher multiple,” the analyst tells investors.

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