Oppenheimer Thinks Investors Are Missing Out on IBM Stock

Information technology and consulting giant International Business Machines (IBM) might be one of tech’s oldest giants, but it’s proving there’s plenty of life left in legacy. The stock has been grinding higher this year on solid fundamentals and a fresh artificial intelligence (AI) angle that’s catching investors’ attention. Strong Q3 results and a busy pipeline across AI, hybrid cloud, and even quantum computing have fueled renewed excitement. 

But even with the stock already near its 52-week high, analysts argue more runway is on the horizon. And one of the most bullish voices on Wall Street right now is Oppenheimer, giving an “Outperform” rating and a bold $360 price target, the highest call on Wall Street so far. Analyst Param Singh thinks investors are still stuck looking at IBM as the old-school legacy name.