UPDATE: Citi Color On IBM Target Increase

Citi, which raised its PT on shares of International Business Machine IBM is providing some color on the stock. “While solid 1Q11 results may not be enough to propel IBM shares higher near term given a 13% YTD rise (25% TTM rise), we reiterate a Buy rating with a revised target of $190,” Citi writes. “1Q11 results demonstrated yet again an admirable combination of market share gains across most businesses and margin expansion. “While we continue to see more upside in shares of Hewlett-Packard Company HPQ during the coming year, our revised $190 target for IBM implies a very respectable 15% rise in the shares (along with a 1.6% dividend yield).” IBM closed Tuesday at $165.40.