International Business Machines' (IBM) Q2 results likely to be driven by Red Hat growth, generative artificial intelligence bookings, and strength from free cash flow, RBC Capital Markets said in a Thursday research note.
Management of IBM believes robust software and virtualization bookings are positive signs for software revenue growth. The company also maintains a positive outlook for the H2 hardware refresh, citing "secular growth trends" as important drivers, analysts wrote.
IBM is expected to report results on Jul. 23.
RBC modelled Q2 GenAI consulting bookings of over $1.5 billion and Red Hat growth of 12%, according to the note.
The brokerage said it maintained an outperform rating on the stock and increased its price target to $315 per share from $285.
Price: 282.19, Change: +0.27, Percent Change: +0.10
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