JPMorgan raises IBM price target

JPMorgan raises IBM price target from $250 to $269. On the news front, IBM's third-quarter revenue grew 4.7% to $17.1 billion, above the analysts' average estimate of $16.82 billion. Adjusted earnings per share were $2.95, above the market expectation of $2.86. IBM Chief Financial Officer James Kavanaugh said that delayed software deals that had unsettled investors last quarter are beginning to close, while the company raised its outlook for that business and reported better-than-expected third-quarter results. In an interview, Kavanaugh said IBM now expects annual software revenue growth of about 7% to 8%, up from its previous forecast of 6% to 8%.