I.T. giant International Business Machines Corp. ( IBM ) on Monday caught a big upgrade from analysts at Goldman Sachs.
The firm said it boosted its rating on IBM from "Neutral" to "Buy" with a $195 price target, suggesting a 16% upside to the stock's Friday closing price of $168.20. Goldman cited IBM's recurring profit stream, diversified business units, and strength in growing markets for the upgrade.
The analyst commented, "We believe this historical counter-cyclicality will attract incremental investor interest in coming months and allow IBM to enjoy continued outperformance."
IBM shares rose $2.29, or +1.4%, in premarket trading Monday.
The Bottom Line
Shares of IBM Corp ( IBM ) have a 1.78% dividend yield, based on Friday's closing stock price of $168.20. The stock has technical support in the $160 price area. If the shares can firm up, we see overhead resistance around the $176 price level.
International Business Machines Corp. ( IBM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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