** Shares of tech firm IBM IBM.N up 1.4% at $295.68 premarket
** Jefferies upgrades rating to "buy" from "hold"; raises PT to $360 from $300
** New PT implies an upside of ~23% to stock's last close
** Brokerage sees clearer path to software growth acceleration in 2026, driven by Red Hat momentum and synergy capture from recent acquisitions, including that of HCP and the pending Confluent deal
** Management's tone more optimistic, with broad-based demand from tech transformation and accelerating AI adoption - Jefferies
** IBM stock fell 1.5% in 2025
(Reporting by Tharuniyaa Lakshmi in Bengaluru)
((tharuniyaa@thomsonreuters.com))