Update: Wedbush Raises Price Target on International Business Machines to $160 From $140, Keeps Neutral Rating

(Updates with the analyst's commentary.)

Wedbush raised the price target on International Business Machines (IBM) to $160 from $140 while maintaining its neutral rating after "mixed" Q1 earnings.

While management maintained its "low-end of mid-single digit range" guidance for 2024, it reset revenue growth guidance for the consulting segment, analysts Moshe Katri and Spencer Lebov wrote in a note to clients Thursday.

Wedbush also said although the tech company's infrastructure segment had a "positive impact on overall growth rates," its end of cycle dynamics are "expected to result in weaker performance" during the second half of 2024.

International Business Machines has an average hold rating and a price target range of $130 to $224, according to analysts polled by Capital IQ.

Shares of IBM were down roughly 10% in recent trading.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)