IBM Gets A Lift From Morgan Stanley Upgrade

International Business Machines IBM shares are trading higher by $6.60 at $132.70 in Thursday's session. The catalyst for the rally is an upgrade at Morgan Stanley from Equal-weight to Overweight and raised its price target from $135 to $140. After a sharply higher open, it retreated only $0.25 to $129.75 before resuming its move higher. The rally has found resistance in the same area as it did from January 8-14. Over the course of those five sessions, it peaked between $133.78 and $134.28. The current high falls in between those levels at $134. IBM has not closed above $130 since, January 15, when it ended the session at $130.03, That was following nearly a $3 tumble as it ended the previous days session at $132.91.