Investment bank Evercore ISI has reaffirmed its "Outperform" rating on IBM (IBM.US) with a target price of $315. The firm recently engaged in discussions with IBM CEO Arvind Krishna and Global Head of Investor Relations Olympia McNerney, covering topics such as corporate strategy, management's macroeconomic outlook, enterprise AI vision, M&A philosophy, and other key themes.

Analysts view IBM as a "hybrid IT/AI leader resilient to macroeconomic shocks," well-positioned to benefit from several favorable trends, including enterprise AI adoption, focus on productivity enhancement initiatives, data sovereignty priorities, and quantum differentiation. They noted that in a stable macroeconomic environment, enterprise IT spending growth should outpace mid-single-digit GDP expansion, potentially driving overall technology expenditure to high-single-digit growth rates.

The firm believes IBM's business transformation has positioned it as "a company with sustained growth, strong free cash flow, margin expansion, and enviable revenue visibility." Overall, Evercore ISI maintains that IBM has multiple mid-term growth catalysts, supporting its $315 price target.