Kyndryl Holdings upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Tien-tsin Huang upgraded Kyndryl Holdings to Overweight from Neutral with a price target of $25, up from $20,in conjunction with the firm’s 2024 Outlook for Payments, Processors and IT Services. The company has exceeded expectations in the achievement of its profitability initiatives to date and now sees fewer hurdles to attaining sustained pre-tax profitability two years post-spin, the analyst tells investors. The firm, which notes that its estimates for revenue and pre-tax profits are below the Street and company’s long-term targets, views its own targets as “conservative” and says the shares “still appear cheap.”