UPDATE: Jefferies Assumes IBM (IBM) at Buy

Jefferies analyst Kyle Mcnealy assumes coverage on IBM (NYSE: IBM) with a Buy rating and a price target of $170.00.

The analyst comments "We're initiating coverage on IBM with a Buy rating and $170 PT. We see a strong demand environment driven by pandemic recovery and enterprise focus on digitization and digital resiliency. After years of transition, we see a solid path for IBM to outperform growth expectations driven by increasing cloud mix in the business, recent strategic actions catalyzing revenue growth, and a leading portfolio to deliver multi-cloud solutions."

For an analyst ratings summary and ratings history on IBM click here. For more ratings news on IBM click here.

Shares of IBM closed at $138.93 yesterday.

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