On Monday, UBS raised its price target for IBM from $125 to $130, while renewing its 'sell' recommendation on the US IT group's stock.

In a research note, the research firm indicates that it has lowered its sales forecasts for the company for 2024 and 2025 following the completion of the sale of its weather business (The Weather Company) to the Francisco Partners fund for $1.1 billion.

As the transaction is expected to generate a gain of $240 million to offset the loss of revenues associated with the disposal, UBS maintains its earnings per share (EPS) forecast for 2024 at $10.

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