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NEW YORK – Evercore ISI has upgraded IBM (NYSE:) to Outperform, recognizing the company’s potential to capitalize on the increasing demand for artificial intelligence (AI) applications and a general rise in IT spending. The upgrade announcement, which came today, has positively impacted IBM’s stock performance, with shares closing nearly 3% higher.
IBM, known for addressing complex enterprise challenges, is poised to see a boost in sales for its consulting and software solutions due to the growing need for AI tools. In response to this optimistic outlook, Evercore ISI analysts have revised their price target for IBM from $165 to $200.
The company is also looking to expand its offerings in AI and hybrid cloud services through strategic acquisitions. IBM has plans to enhance its portfolio with the purchase of StreamSets and webMethods from SoftwareAG, with the expectation of completing the transactions in the second quarter.
The acquisitions are seen as a move to strengthen IBM’s position in the market by integrating new capabilities that cater to the evolving needs of businesses in the digital era.
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