IBM’s AI Bookings To Drive Share Gains, Though ‘Revenue Contribution Of AI Is Currently Small’
IBM (NYSE:IBM) shares were climbing in early trading on Thursday after the company reported its second-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways.
Goldman Sachs On IBM
Analyst James Schneider reiterated a Buy rating while raising the price target from $200 to $205.
IBM reported revenues of $15.77 billion, slightly higher than consensus of $15.63 billion, with total revenue from continuing operations up 3.8% in constant currency terms, Schneider said in a note. “Software and Infrastructure revenue were above the Street, but Consulting came in below,” he added.
The company’s earnings from continuing operations came in at $2.43 per share, surpassing Street’s $2.18 per share, the analyst stated. Strong AI bookings performance is likely to be “an incremental positive that should help drive share gains in the Consulting business in the medium term,” he further wrote.
RBC Capital Markets On IBM
Analyst Matthew Swanson maintained an Outperform rating while lifting the price target from $200 to $211.
Results in the quarter were better …
Full story available on Benzinga.com
Related posts:
- US Stocks Pause As Treasury Yields, Dollar Surge On Trimmed Fed Rate Cut Bets: What’s Driving Markets Tuesday?
- Netflix’s Co-CEO Says ‘Thrilled’ With Password-Sharing Crackdown, Sees Positive Impact On Engagement
- Warren Buffett-Backed BYD’s Sales Executive Warns Tesla Ahead Of Earnings: ‘You’ll Face Serious Challenges’
- Homebuilder Shares Hang In Balance As Credit-Stretched Consumers Await Rate Cuts