J.P. Morgan raised IBM's price target from $250 to $269. According to the news, IBM's third-quarter revenue increased 4.7% to US$17.1 billion, higher than analysts' average expectations of US$16.82 billion. Adjusted earnings per share of $2.95 were higher than market expectations of $2.86. IBM Chief Financial Officer James Kavanaugh said that delayed software deals, which had made investors uneasy last quarter, are beginning to be reached. At the same time, the company raised its performance expectations for the business and announced better-than-expected third-quarter earnings. In an interview, Kavanaugh said that IBM currently expects an annual software revenue growth rate of about 7% to 8%, which is higher than the previous forecast of 6% to 8%.

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