UPDATE: JP Morgan Raises IBM's Estimates and PT

Earlier this morning JP Morgan releases a report lifting IBM

price target from a previous $210 estimate to $225. JP Morgan says in the report: "We believe that Fx pressures on revenue will be less than expected. We also expect IBM's software strength to continue, and our research indicates that the company's services business may be tracking better than previously expected. Overall, we think that consensus estimates for IBM will move higher in the near term and the prospect of increased stock buyback activity or a larger quarterly dividend could increase investor sponsorship of IBM's stock" JP Morgan has a revised revenue and EPS estimates for IBM, moving to $24.682bn and $2.66, versus $24.373bn and $2.60 previously. The Street consensus is at $108.494bn and $14.91 EPS. This despite the company's rated as overweight. IBM close price yesterday was $209.47