- Jefferies analyst Kyle McNealy initiated coverage of International Business Machines Corp IBM with a Buy rating and $170 price target, implying a 22.5% upside.
- McNealy notes that IBM is at "convergence of many favorable high-growth industry trends" in enterprise technology, with exposures to software, cloud services, security, data, and artificial intelligence.
- McNealy says IBM's 2019 acquisition of Red Hat and planned year-end spin of Kyndryl are a "necessary push in the right direction."
- He believes the Street underappreciates the company's growth prospects.
- Price Action: IBM shares traded higher by 0.77% at $140 in the premarket session on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
