Assuming estimates hold, IBM should do eps around 15.75 (consensus 15.73). Below is their 5 year trailing PE.
Simple math: 11.4 x 15.73 = 179.32
Taking the lowest trailing multiple to the low end range of year end eps, we have an interesting target price by year end.
This would also support a technical move toward an upward resistance trend.
So yeah, bullish ibm into the year's end. (Hopefully by then their transition is seeing traction amd they see multiple expansion. Setting up for a great 2016. But I will settle for 180.)