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Prudential: IBM To Climb
By Chris Crum
Staff Writer
Article Date: 2005-08-19
Hints from Prudential that IBM's stock may climb later this year, caused it to do just that today. IBM shares gained 2.6% today on Prudential's comments.
"We continue to believe there are a number of important catalysts on the horizon for IBM which should help reinvigorate investors in the stock during the seasonally strong back half of the year," Prudential analyst Steve Fortuna told investors.
People tend to spend more in the second half of the year, and IBM recently reduced its employment, therefore cutting costs.
Fortuna says that IBM stock could reach $105 over the next year. Today, shares went up $1.94 reaching $83.09 on the New York Stock Exchange according to AP.
Fortuna believes that HP, whose stock reached its highest in 52 weeks on Wednesday, is over-hyped when compared to competitor IBM.
"We believe HP shares are, to some degree, being overappreciated while IBM shares are being underappreciated," he wrote.
About the Author:
Chris is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.
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