IBM Stock (NYSE:IBM)
In reaction to IBM’s (NYSE:IBM) better-than-expected quarterly results, investors backed the tech-services giant on Thursday, sending the IBM stock up about 5%. This suggests that investors anticipate business to continue improving into 2023.
After Wednesday’s market close, IBM said that it made $1.80 per share in the third quarter on revenue of $14.1 billion, above analysts’ expectations of $1.80 per share on sales of $13.55 billion. IBM (IBM) CEO Arvind Krishna is sure that the company’s full-year sales growth in 2023 will be “beyond our mid-single digit forecast” because of the success of its software and hybrid cloud businesses.
Wamsi Mohan, an analyst at Bank of America, has predicted that IBM’s report and prediction indicate continued “wide-based strength” and that “the recovery at IBM will continue.” Despite revising his profits and revenue forecasts for 2022, Mohan maintained his buy rating and $145 price target on IBM stock.
Morgan Stanley analyst Erik Woodring said, “We were favorably surprised” by IBM’s better-than-expected earnings despite the market’s shift toward more caution regarding the demand for corporate technology. A more significant proportion of commercial sales and a more stable income stream have contributed to IBM’s (IBM) “positive outlook,” as noted by Woodring.
Concerning IBM stock, Woodring has kept his outperform rating and $152 price objective unchanged.
Even though IBM stock has a consensus buy recommendation among Wall Street analysts, writers on Seeking Alpha rate it as a hold. The quantitative algorithms at Seeking Alpha, which have consistently outperformed the market, now recommend holding onto your IBM stock.
Featured Image- Megapixl @ Geografas
Author Shariq Khan 
