IBM Stock Hits 52-Week High — Citi Raises Price Target To $375 On Quantum Push, Says Stock Is ‘Misunderstood’

• Citi raises IBM price target to $375 from $285, maintaining a ‘Buy’ rating on the stock.

• Analyst points to IBM’s planned $10B investment in quantum computing over five years.

• IBM is seen as ‘underappreciated’ with potential exposure to a ~$850B federally supported quantum market.

International Business Machines Corp. (IBM) ended Tuesday’s session at a 52-week high, boosted by upbeat sentiment and a higher price target from an analyst.

IBM ended Tuesday’s session up 2.75%, before slipping in after-hours trading, down 0.67% at the time of writing.

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Citi Raises IBM Price Target

Citi turned bullish on the stock, raising its price target for IBM on Tuesday after the company outlined a major new investment push in quantum computing. The move reflects growing confidence in IBM’s long-term position in the emerging quantum…