Is IBM Stock ‘A Place To Hide’ In Volatile Market? PreMarket Prep Crew Talks Big Blue

A sign marks the entrance to IBM Corporate Headquarters in Armonk, N.Y., on March 20, 2009. Stan Honda/AFP via Getty Images

One former Wall Street darling that has been a serial underperformer during the greatest bull market of all time was the recipient of an upgrade Friday morning. That company is International Business Machines Corp, and it’s the PreMarket Prep Stock of the Day.

Long-Term IBM Price Action

IBM made its all-time high in February 2017 at $174.59. At the price of $129.50, it has a negative return of 26 percent. Over that same course of time, the S&P 500 index has yielded a positive return of 87 percent at 4,436.

Short-Term IBM Price Action

IBM bottomed on the same day (Feb. 24) as the S&P 500 index at $118.81. The recent high for the rebound ($133.08) was made one day after the index made its short top on March 30.

On Wednesday, the issue bottomed at $124.91 and rebounded to close at $126.14 and end a four-day losing streak.

Morgan Stanley’s IBM Upgrade

Before the open Thursday, Morgan Stanley analyst Erik Woodring upgraded the issue from Equal-Weight to Overweight and raised the price target from $147 to $150. The rating, equivalent to a Buy rating, is IBM’s first in almost two years.