Financial Wire

International Business Machines Could Raise 2026 Revenue Outlook After Potential Q1 Beat, Oppenheimer Says

-- International Business Machines (IBM) could raise its 2026 revenue outlook and top Q1 expectations given its strong software business and early close of its Confluent acquisition, Oppenheimer said in a Thursday note.

Oppenheimer said its contract checks indicated that IBM's enterprise license agreements, or ELAs, saw a 20% to 30% increase in pricing for renewals in Q1, without customer attrition. RedHat contract values also increased 10% to 15% on renewals, the investment firm noted.

The company's software portfolio is positioned for a 7% growth in 2026, supported by pricing and deal sizes, the brokerage said. IBM's consulting business is also poised to grow 2.1% in 2026, Oppenheimer added.

IBM is set to release its Q1 results on April 22.

Oppenheimer lowered its price target on IBM to $320 from $380, with an outperform rating.

Price: $247.66, Change: $+2.86, Percent Change: +1.17%

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