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IBM Gains After UBS Lifts Rating to 'Buy', Price Target to $180

Martin Baccardax

shares jumped higher Wednesday after the Swiss investment bank UBS lifted its rating on the stock to "buy" and boosted its price target, citing solid prospects for its services and artificial intelligence businesses. UBS IT hardware analyst Steven Milunovich lifted his rating on the stock from "neutral" to "buy" and boosted his price target on the stock to $180 from $160, firmly ahead of the analyst consensus of $167. IBM shares were marked 2.5% higher at the opening bell and were changing hands at $152.60 each, a move that trims the stock's year-to-date decline to around 0.56% and value the Armonk, New York-based group at around $136 billion.