Jefferies Initiates IBM With Buy Rating - Read Why - IBM (NYSE:IBM)

Jefferies analyst Kyle McNealy initiated coverage of International Business Machines Corp IBM with a Buy rating and $170 price target, implying a 22.5% upside.
McNealy notes that IBM is at "convergence of many favorable high-growth industry trends" in enterprise technology, with exposures to software, cloud services, security, data, and artificial intelligence.
McNealy says IBM's 2019 acquisition of Red Hat and planned year-end spin of Kyndryl are a "necessary push in the right direction."
He believes the Street underappreciates the company's growth prospects.
Price Action: IBM shares traded higher by 0.77% at $140 in the premarket session on the last check Friday.

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