With the normalization of IBM's valuation, I believe it will start seeing its minimum trailing PE multiple of 14 again. (Especially given it 20 eps by 2015, giving the company a 15% yr-over-yr growth rate.)
This leaves IBM room to approach 148. Then there is earnings on Monday the 18th, where I think they will kick ass due to 1. new major product release 2. new financing to take costumers away from competitor and 3. HP facilitating #2.
If IBM produces 11.29, its year end price should (11.29 x 14) be 158. (But I think they will do 11.50.)