Goldman Sachs recently began covering IBM stock with a “buy” rating. The analyst believes that IBM’s artificial intelligence services will contribute to its long-term revenue and free cash flow growth. Currently, IBM shares are up 2.9% to $177.52, potentially reaching their first close above $176 and the 60-day moving average in months. The stock has been holding at the $162 level and has only seen a 7.6% increase year-to-date, but a significant 35.9% increase year-over-year.
Despite short-term options traders being more bearish than usual, today’s positive coverage from Goldman Sachs has shifted sentiment. There has been a high volume of call options traded, with 12,000 calls and 2,218 puts. The most popular options are the weekly 180 strike call for June 28 and the 177.50 strike call, with new positions being opened for both.
Article Source
https://www.schaeffersresearch.com/content/news/2024/06/24/ibm-stock-rises-after-brand-new-buy-rating
