IBM (NYSE:IBM) reported upbeat earnings for the fourth quarter.
Here are the key analyst insights:
- Wedbush analyst Dan Ives reaffirmed an Outperform rating, while raising the price target from $325 to $340.
- Goldman Sachs analyst James Schneider reiterated a Buy rating, while lifting the price target from $350 to $365.
Check out other analyst stock ratings.
Wedbush: IBM reported total revenues of $19.69 billion, up 9% year-on-year in constant currency terms. That’s above Street expectations of $19.21 billion.
The company is “developing strategic partnerships with key data providers to drive a multiplier effect for growth,” Ives said. IBM’s GenAI business continued to gain momentum, with backlogs reaching $12.5 billion. That’s significantly higher than the previous quarter’s $9.5 billion. Ives credits that to the strong …