MoffettNathanson analyst Lisa Ellis upgraded IBM to Market Perform from Underperform with a $140 price target. The firm’s most recent CIO survey, which was released two weeks ago, pointed toward continued strong demand for IT Services in 2023, said Ellis, who is "increasingly convinced that we are amid a once-in-a-generation step-up in the ‘IT intensity’ of corporations" driven by the Digitization trends.
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