IBM's Stock Journey: A Closer Look

IBM, a tech giant based in New York, offers a wide range of services and solutions. With a market value of over $284 billion, it's considered a mega-cap stock. This means it's one of the biggest and most influential companies in the tech industry. Recently, IBM's stock has been on a rollercoaster. It dropped 6. 7% from its highest point in the past year, which was $324. 90. But over the last three months, it's gained 25%, which is better than the Dow Jones Industrial Average's 4. 4% gain. Looking at the bigger picture, IBM's stock has increased by 37. 9% so far this year and 32. 5% over the past year. This is much better than the Dow's 11. 5% and 5. 7% gains respectively. IBM has been doing well because of its work in quantum computing and AI. It's developing a 120-qubit Quantum Nighthawk processor and aims to achieve quantum advantage by 2026. The company's AI and automation services are also in high demand, with significant growth in these areas. In October, IBM's stock went up by 1. 9% after it reported its third-quarter results. The company's earnings per share were $2. 65, which was higher than expected. Its revenue was also better than predicted, at $16. 3 billion. However, not all is rosy in the tech world. Accenture, a competitor, has seen its stock drop by 31. 8% this year and 29. 6% over the past year. Wall Street analysts are generally positive about IBM's future. They have given it a "Moderate Buy" rating. The average price target for IBM's stock is $289. 62, but some analysts think it could go as high as $360, which would be an 18. 7% increase.