UPDATE: FBN Securities Raising Price Target On IBM

FBN Securities is out with a research report on IBM IBM following the company's earnings report last night. It is reiterating its Outperform rating and is raising its price target to $210. In a note to clients, FBN Securities writes, "IBM reported NG EPS of $3.09 (ahead of consensus of $3.03), and revenue of $26.7B (up 12.4% Y/Y and ahead of consensus of $25.4B consensus). The revenue upside was mostly currency-related, as currency accounted for 7pp of the 12.4% growth (CC growth was 5%), but strong growth in Growth Markets (up 23%/13% CC) was also a factor as these regions are now 22% of revenue." Shares of IBM are up $2.72 in pre-market trading to $178.00, a gain of 1.55%.