IBM's Stock Got a Big, Blue Bruise Today
Shares of (NYSE: IBM) took a hard hit on Thursday, following the release of first-quarter results and the announcement of a $6.4 billion acquisition in the cloud computing space. The results were solid enough, but IBM investors wanted a stronger artificial intelligence (AI) push. As a result, IBM shares traded 9.6% lower at noon ET.
Let's start with the earnings report. First-quarter sales rose 1.5% year over year, landing at $14.5 billion. That's a rounding error away from the consensus analyst projection of $14.6 billion. On the bottom line, adjusted earnings increased by 24% to $1.68 per diluted share. Here, your average analyst would have settled for $1.60 per share. All in all, that's a solid print.
Management doubled down on the full-year financial forecast it provided three months ago. As a reminder, that means single-digit revenue growth with free cash flow of roughly $12 billion in 2024 as a whole.
Source Fool.com
International Business Machines Corp Stock
With 16 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
As a result the target price of 183 € shows a slightly positive potential of 3.57% compared to the current price of 176.7 € for International Business Machines Corp.
