International Business Machines (IBM) rose nearly 3% on Wednesday after RBC Capital Markets initiated coverage on company shares with an outperform (buy) rating. Analysts set a price target of $188 apiece, roughly 28% upside from IBM's closing price Tuesday.
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The Wall Street firm touted IBM for its artificial intelligence potential, along with growth opportunities after it separated its managed infrastructure services business into Kyndryl — all narratives CNBC's Jim Cramer agrees with. "IBM is very inexpensive so you can bet that it's off to the races," the 'Mad Money' host said.
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