International Business Machines Corporation (NYSE:IBM) is one of the AI Stocks Making Waves on Wall Street. On July 24, Bank of America reiterated the stock as “Buy” and lowered the firm’s price target on IBM (IBM) to $310 from $320 following a “mixed quarter.”
The bank said that IBM is well-positioned for growth following its most recent financial report. The company reported adjusted earnings per share of $2.80 for the quarter, beating the LSEG estimate of $2.64. Meanwhile, revenue came in at $16.98 billion, ahead of the expected $16.59 billion.
“IBM reported a mixed quarter, where organic software deceleration was offset by strong contribution from better-than-expected Infrastructure results and higher M & A contribution.”
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The firm believes that, post-earnings, IBM has turned into a ‘show me’ story on software in the second half of the year, but remains bullish on the overall company trajectory. The analysts further stated that they believe estimates will move higher this year and next year, “with increasing contribution from high-margin software.”
International Business Machines Corporation (NYSE:IBM) is a multinational technology company and a pioneer in artificial intelligence, offering AI consulting services and a suite of AI software products.
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