Kyndryl Holdings (NYSE: KD), the old managed infrastructure segment that  spun off as a stand-alone company in late 2021, rallied in 2023. The stock is up 65% in 2023 with just a couple weeks to go until 2024, a partial reverse from its precipitous fall after its publicly traded debut a couple years ago.

After its separation from IBM, Kyndryl has been restructuring for a new era of information technology -- and not just by making a maddening change from a fiscal year aligning with the calendar year to one ending every March. (The most recent Q2 fiscal 2024 was for the three-month period ended in September 2023). Kyndryl has been offloading unprofitable business as it steers its customers to a hybrid cloud strategy. With this migration now well underway, is Kyndryl stock still a top buy for 2024?

Before delving into Kyndryl's path forward, let's address what it does in the first place. Remember IBM mainframes? These days such machines may be referred to as servers, big computers, or, in some tech company reports, enterprise (or non-cloud) computers.

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Source Fool.com