International Business Machines Corp (NYSE: NYSE:IBM) shares are trading higher Wednesday after the company reported better-than-expected financial results.
IBM said first-quarter revenue increased 8% year-over-year to $14.2 billion, which beat the $13.85 billion estimate. The company reported quarterly earnings of $1.40 per share, which beat the estimate of $1.36 per share.
IBM said it ended the first quarter with $10.8 billion of cash on hand, up $3.2 billion from the end of 2021.
IBM expects full-year 2022 constant currency revenue to grow at the high end of the mid-single digit range. The company continues to expect $10 billion to $10.5 billion in full-year 2022 free cash flow.
Analyst Assessment:
- BofA Securities analyst Wamsi Mohan maintained IBM with a Buy rating and raised the price target from $162 to $165.
- Credit Suisse (SIX:CSGN) analyst Sami Badri maintained IBM with an Outperform rating and raised the price target from $165 to $166.
- BMO Capital analyst Keith Bachman maintained IBM with a Market Perform rating and raised the price target from $148 to $152.
- Morgan Stanley (NYSE:MS) analyst Erik Woodring maintained IBM with an Overweight rating and raised the price target from $150 to $157.
IBM 52-Week Range: $114.56 - $152.84
According to data from Benzinga Pro, the stock was up 6.55% at $137.68 at time of publication.
Photo: courtesy of IBM.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga