International Business Machines Corp (NYSE: IBM) is trading higher Tuesday morning after the company announced its second-quarter financial results.
What Happened: IBM reported quarterly earnings of $2.33 per share, which beat the estimate of $2.29 per share. The company reported quarterly revenue of $18.7 billion, which beat the estimate of $18.29 billion.
“In the second quarter client adoption of our hybrid cloud platform contributed to strong performance in Global Business Services and software and drove improved overall revenue growth,” said Arvind Krishna, chairman and CEO of IBM.
Analyst Assessment: Societe Generale analyst Richard Nguyen upgraded IBM from Sell to Hold and raised the price target from $121 to $140.
Citigroup analyst Jim Suva maintained IBM with a Neutral rating and raised the price target from $140 to $150.
Price Action: IBM has traded as high as $152.84 and as low as $105.92 over a 52-week period.
At last check Tuesday, the stock was up 3.07% in premarket trading at $142.15.
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