IBM initiated with a Buy at Citi

Citi initiated coverage of IBM (IBM) with a Buy rating and $285 price target The firm views the shares as “defensive” in an “increasingly hostile” backdrop for enterprise software. IBM’s hardware and software “entrenchment” offer an “insulation” from AI risk while its exposure to the next leg of production enterprise AI systems is underappreciated at current share levels, the analyst tells investors in a research note. Citi sees a compelling risk/reward at current share levels.

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