Bernstein raised the firm’s price target on IBM to $185 from $165 and keeps a Market Perform rating on the shares. The analyst says the stock is up 50% over the last year and 20% year-to-date, with the increase essentially all multiple expansion. The firm believes the re-rating has been driven by IBM’s improved operating performance and competitive positioning, and potentially some artificial intelligence “pixie dust.” Bernstein sees the stock as relatively fairly valued.
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