Wedbush has initiated coverage on IBM with an "Outperform" rating and a price target of $300, reflecting a bullish outlook on the company's growth trajectory under CEO Arvind Krishna. The report highlights IBM's strategic positioning for an "AI turnaround for the ages," suggesting that the company is well-placed to capitalize on emerging tech trends over the next 12 to 18 months. This optimism is part of a broader positive stance on the tech sector, with IBM expected to benefit significantly from its AI initiatives.
The report, led by analysts Daniel Ives and Scott Devitt, emphasizes IBM's potential for growth, driven by its focus on AI and cloud services. The analysts believe that IBM's strategic initiatives will drive substantial value, positioning the company for long-term success. "IBM is in the sweet spot to have an 'AI turnaround for the ages,'" the report states, underscoring the analysts' confidence in IBM's future performance.
IBM's current stock price is $253.01, down 1.05% from the previous close of $255.70.