International Business Machines (NYSE:IBM) stock is up 7% today after the iconic technology company reported first-quarter sales that beat Wall Street estimates.
Due to strong demand for its cloud computing services, IBM said its first-quarter revenue rose 7.7% to $14.2 billion. That beat analyst expectations for $13.8 billion in sales. The first-quarter results marked the largest sales increase at IBM in more than a decade. Adjusted profit in Q1 came in at $1.40 a share, compared with the average Refinitiv estimate of $1.38 per share.
Before today’s move higher, IBM stock had been down 5% on the year at $129.15. So is IBM now a buy coming out of its first-quarter print? Here is a look at three top analysts’ price predictions for the shares over the coming year.
IBM Stock Price Predictions
- Morgan Stanley has a “buy” recommendation on IBM stock and a $157 price target, implying 13% upside from current levels.
- Credit Suisse also has a “buy” recommendation on the stock and a price target of $166, which would be 20% higher than where the shares currently trade.
- Goldman Sachs maintains a “hold” rating on IBM’s stock and has a price target of $144 per share, which implies 4% potential upside.
For the most part, analysts remain bullish on IBM stock. Among 17 professional analysts who cover the company, the median price target on the shares is currently $145, which would be 5% higher than where the stock currently sits. Keep in mind that analysts are likely to now revise their price targets on the stock following IBM’s positive Q1 print.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.