Jefferies analyst Brent Thill keeps a Buy rating and $370 price target on IBM (IBM) after the stock fell 13% today following reports that Anthropic’s Claude has announced COBOL capabilities. The concerns were around IBM “already disrupting itself”, with watsonx Code Assistant for Z embedding GenAI directly into the mainframe to refactor COBOL into Java and modernize apps with full system context, but the firm contends that , IBM’s software re-acceleration hinges not on mainframe but on broader momentum across hybrid cloud, AI, automation and data, the analyst tells investors in a research note.
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