Software major International Business Machines Corp. (NYSE:IBM) is mulling a sale of its weather unit, according to the Wall Street Journal. The company is looking to optimize its operations and a potential deal could fetch a $1 billion valuation.
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IBM acquired The Weather Company’s operations in 2015 for over $2 billion but it is focusing on turning fortunes around and has already divested Kendryl Holdings and certain healthcare operations.
Separately, IBM is also slated to post first-quarter numbers on April 19. Analysts expect the company to post an EPS of $1.27 on $14.37 billion in revenue. Impressively, the company has managed to outperform expectations over the past four quarters.
Overall, the Street has a $145 consensus price target on IBM. This points to a 12.8% potential upside in the stock. That’s after a nearly 9.2% slide in IBM shares so far in 2023.
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