UPDATE: UBS Upgrades IBM (IBM) to Buy, Well Positioned for Cloud

April 10, 2013 7:10 AM EDT
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Price: $138.46 +0.33%

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(Updated - April 10, 2013 11:44 AM EDT)

UBS upgraded IBM (NYSE: IBM) from Neutral to Buy with a price target of $235 (from $210). The upgrade relates to analysts views on cloud and 'IT-as-a-service'.

"We think IBM is well positioned for the coming computing era because (1) integrated vendors do well early in a tech transition; (2) most of the near-term action will be in private cloud, IBM’s strength; and (3) IBM's hosting capability and support of OpenStack will be helpful later in the wave," wrote analysts.

UBS thinks IBM is well on its way to beating $20 EPS in 2015. Analyst said they have increased confidence in IBM's leadership and think it increasingly could be compared to non-tech names.

For an analyst ratings summary and ratings history on IBM (NYSE: IBM) click here. For more ratings news on IBM click here.

Shares of IBM closed at $209.22 yesterday.

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