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Needham & Company cut its price target on IBM stock by 14.7% ahead of its Q1 fiscal 2026 results.
Needham & Company cut IBM's price target by 14.7% ahead of Q1 fiscal 2026 results.
KEY POINTS
- Analyst David Grossman now forecasts IBM's 2026 constant currency revenue growth at 4.5%-5%, below guidance.
- IBM's generative AI business exceeded $12.5 billion in 2025, with a quantum computer expected by 2029.
- Software now contributes 45% of IBM's total revenue, up from 25% in 2018.
- Despite lowered targets, IBM maintains a 'Moderate Buy' rating with a 35% average upside potential.
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