July 14, 2026 04:50 AM GMT IBM | North America 2Q26 Earnings Preview / IBM State of The Union- Estimate Upside Largely Priced-In | What's Changed | | | | --- | --- | --- | | IBM (IBM.N) | From | To | | Price Target | $267.00 | $293.00 | While we see upside to Infra and potentially to SW ests, we think this is already in the price. CIO checks tell us the IBM spending landscape hasn't changed materially, making (1) FCF upside and/or (2) M&A/Quantum the next legs needed for IBM to outperform. M2M valuation rai ...