IBM, traditionally known for its large mainframe computers, is seeing a resurgence in its stock price after word from Goldman Sachs analyst James Schneider that the company is modernizing well. Schneider’s declaration of a bullish signal regarding IBM’s efforts in artificial intelligence and infrastructure software propelled investors to pay attention. Reports show that IBM’s AI business has been doubling quarter after quarter, indicating significant growth potential. Furthermore, IBM has introduced new products like the Hyperstore system, an updated version of its Storage Scale system designed to accelerate storage and retrieval processes.
In terms of Wall Street sentiment, analysts hold a consensus rating of Hold on IBM stock, with a mix of Buy, Hold, and Sell recommendations over the past three months. Despite a nearly 40% increase in share price over the past year, the average price target of $182.71 per share suggests a further upside of 3.78%. This indicates mixed opinions among analysts on whether IBM is a buy, hold, or sell option for investors going forward.
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