Shares of IBM hit a nine-year high today, reaching $163.25 on a favorable report from a Wall Street analyst.
IBM has been on an elevator ride since late November, with no real news to back the climb. But today Prudential Securities Inc. increased its price target for the stock to between $185 and $190 from $160.
The stock closed at $163.
Prudential rated the stock a buy, saying that "the current quarter could demonstrate stronger-than-expected operating results and lead to a re-calibration of IBM earnings models."
Prudential said it expects IBM to earn $4.10 a share for the fourth quarter. Last year, the Armonk, N.Y., company earned $3.09 per share.