BUZZ-IBM gets 'neutral' rating as Susquehanna starts coverage

IBM Corp

IBM Corp

IBM

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** Brokerage Susquehanna starts coverage on software and consulting company IBM IBM.N with a "neutral" rating and a price target of $303

** Stock down 1% at $292.41

** New PT implies a 2.6% upside to the stock's last close

** Susquehanna cites IBM's quantum computing business, "durable" double-digit software growth and strong free cash flow generation as positives

** Raises concerns that market may be treating IBM's $12.5 billion in AI boookings as software-grade revenue, though it estimates roughly 80% sits in IBM's Consulting division

** 25 analysts rate the stock "buy" on average; median PT is $287.09 - data compiled LSEG

** As of last close, IBM is flat YTD


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