Truist Initiates IBM at Hold, Sees Execution Risk Despite Cheap Valuation

Truist analyst Arvind Ramnani launched coverage on IBM with a Hold rating and $240 price target, implying modest upside. He is constructive on IBM's structural position in enterprise computing but cautious on near-term execution, citing timing concerns around AI spending and recent earnings miss. Shares ticked down 0.5% premarket.