Citi analyst Jim Suva raised his price target for IBM to $140 from $130 and maintains a Neutral rating on the shares following the company's Q1 results. The report "can best be described as something for everyone to debate with several positives and negatives," Suva tells investors in a research note. He believes the earnings were not enough to get investors to change their view to either a more positive or more negative view.

Jefferies analyst Brent Thill lowered the firm's price target on IBM to $210 from $215 and keeps a Hold rating on the shares. IBM remains a "show me story" as the company looks to reposition itself around a software-led strategy, the analyst tells investors in a research note. The firm likes the company's initiatives to bolster its software growth and profitability profile, but thinks better execution on the new go-to-market strategy and further investments in the organic engine are necessary to drive long-term software growth higher. Until signs of a re-energized software business are seen, IBM's risk/reward "seems balanced," Jefferies contends.

UBS raised the firm's price target on IBM to $130 from $125 and keeps a Sell rating on the shares. The firm updated its model, noting that a gain on the sale of Weather Channel assets lifts its Q1 EPS, but it lowered its view on the rest of the year.