UBS analyst David Vogt has maintained a Sell rating on IBM stock, setting a price target of $160, well below its current price of $259.98, citing concerns over overvaluation and potential challenges in upcoming quarters. Despite a 2% year-over-year revenue increase to $62.75 billion and a significant outperformance in free cash flow, IBM's first-quarter guidance indicates muted growth and lower profit margins, prompting UBS to adjust its EPS estimate to $1.34, below consensus expectations. Recent developments include IBM's acquisition of Applications Software Technology LLC and partnerships aimed at enhancing cybersecurity and delivery services.