BofA raised the firm’s price target on IBM (IBM) to $320 from $290 and keeps a Buy rating on the shares. Bears “cling to IBM’s pre-2020 history as a value trap,” but IBM underwent a significant transformation over the last five years by shifting their software segment towards strategic M&A investments and shedding lower growth, high-cost businesses, says the analyst, who sees the potential for revenue growth to accelerate from here. IBM can continue to re-rate higher due to its transformational initiatives, the analyst argues.
Claim 30% Off TipRanks
Forget margin or options. Here's how the pros trade IBMPublished first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IBM:
- IBM’s Strategic Transformation and Growth Potential in AI and Cloud
- IonQ Looks to Take $1.1Bn Quantum Leap Towards Stock Maturity
- IBM price target raised to $315 from $275 at Evercore ISI
- AMD price target raised to $144 from $126 at Evercore ISI
- Quantum Leap: Nvidia CEO says quantum computing technology at inflection point