IBM (NYSE:IBM) shares rose more than 3% intra-day today after the company reported its Q2 earnings results, with EPS of $2.18 coming in better than the Street estimate of $2.02. However, revenue of $15.5 billion came in worse than the consensus estimate of $15.58 billion.

The company provided its fiscal 2023 outlook, expecting revenues to grow in the range of 3-5%.

BofA Securities analysts reaffirmed their Buy rating on IBM and raised their price target to $160.00 from $152.00, stating that they believe the positive momentum in IBM's business, including revenue growth and improvement in free cash flow, will persist. The analysts highlighted that IBM possesses a defensive portfolio, an appealing dividend yield, and an AI portfolio that is not fully recognized or valued by the market.