IBM ‘s stock (NYSE:IBM) experienced a significant surge on Wednesday, peaking at a 3.7% increase before settling at a 2.8% gain by 1:05 p.m. ET. The rise in the stock value is attributed to an outperform rating assigned by Matthew Swanson, an analyst from RBC Capital, marking a shift in the company’s outlook.
Swanson recently set a $188 price target for IBM, the highest target set for the company on Wall Street. He believes that IBM’s software and consulting services are underappreciated and stand to benefit from post-pandemic trends in cloud computing and artificial intelligence (AI), which are complicating IT environments.
This optimistic view on IBM comes after several strategic moves by the company, including the acquisition of Red Hat, an open-source software titan, in 2019 and the appointment of Arvind Krishna as CEO in 2020. These changes have contributed to altering…
