IBM's stock rallied Wednesday after RBC Capital's Matthew Swanson set a Wall Street-high price target that suggests a nine-year high is on the horizon.
Shares of International Business Machines Corp. rallied Wednesday after RBC Capital analyst Matthew Swanson set a Wall Street-high price target that suggests a nine-year high is on the horizon.
He started coverage of the diversified information-technology company, known by many as Big Blue, with an outperform rating. He set his price target on the stock IBM, +2.26% at $188, which is now the highest of the 18 Wall Street analysts surveyed by FactSet, well above the $175 target set by Melius Research’s Ben Reitzes.
IBM’s stock rallied 2.3% to $149.83, the highest close since Dec. 14, 2022. The rally also puts the stock back into positive territory for the month, with a gain of 2.0% so far in September. Following IBM’s spinoff of Kyndryl Holdings Inc. KD, -0.75%, which was completed in November 2021, approximately three-quarters of IBM’s revenue is seen coming from software and consulting, and about half of the revenue is seen as recurring.
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