Bank of America Forecasts Strong Price Appreciation for International Business Machines (NYSE:IBM) Stock

International Business Machines (NYSE:IBM) had its price target boosted by Bank of America from $270.00 to $290.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Bank of America‘s price objective indicates a potential upside of 5.01% from the company’s previous close.

Several other brokerages also recently issued reports on IBM. Royal Bank of Canada upped their price objective on shares of International Business Machines from $276.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday, May 15th. Erste Group Bank raised shares of International Business Machines from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 17th. Wall Street Zen downgraded shares of International Business Machines from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. KGI Securities set a $242.00 price target on shares of International Business Machines and gave the stock a “hold” rating in a research note on Thursday, April 24th. Finally, Morgan Stanley cut their price target on shares of International Business Machines from $237.00 to $233.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $250.31.

International Business Machines Stock Up 1.5%

Shares of NYSE IBM opened at $276.17 on Monday. International Business Machines has a 12-month low of $166.81 and a 12-month high of $277.47. The company has a market capitalization of $256.67 billion, a PE ratio of 43.08, a price-to-earnings-growth ratio of 5.81 and a beta of 0.66. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.04 and a quick ratio of 1.00. The firm’s 50-day moving average is $249.27 and its two-hundred day moving average is $242.69.

International Business Machines (NYSE:IBM) last announced its quarterly earnings results on Wednesday, April 23rd. The technology company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.18. International Business Machines had a net margin of 9.60% and a return on equity of 38.99%. The company had revenue of $14.54 billion for the quarter, compared to the consensus estimate of $14.41 billion. During the same quarter in the prior year, the firm earned $1.68 earnings per share. The company’s revenue for the quarter was up .5% compared to the same quarter last year. Equities analysts anticipate that International Business Machines will post 10.78 EPS for the current fiscal year.

Institutional Investors Weigh In On International Business Machines

Hedge funds and other institutional investors have recently bought and sold shares of the business. Christopher J. Hasenberg Inc bought a new stake in shares of International Business Machines in the 1st quarter worth about $27,000. SSA Swiss Advisors AG bought a new stake in shares of International Business Machines in the 1st quarter worth about $28,000. Dagco Inc. bought a new stake in shares of International Business Machines in the 1st quarter worth about $31,000. Silicon Valley Capital Partners increased its position in shares of International Business Machines by 322.6% in the 1st quarter. Silicon Valley Capital Partners now owns 131 shares of the technology company’s stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Finally, Vision Financial Markets LLC bought a new stake in shares of International Business Machines in the 4th quarter worth about $31,000. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

About International Business Machines

International Business Machines Corporation, together with its subsidiaries, provides integrated solutions and services worldwide. The company operates through Software, Consulting, Infrastructure, and Financing segments. The Software segment offers a hybrid cloud and AI platforms that allows clients to realize their digital and AI transformations across the applications, data, and environments in which they operate.