International Business Machines Corporation (IBM)

Outperform Recap: Q1 2026

Punished for the Sin of Not Raising: With Red Hat Reaccelerating and the Multiple Reset, We Upgrade IBM Back to Outperform

Hold Recap: Q4 2025

The Thesis Delivered in Full; With the Inflection Now Priced and 2026 Set to Digest the Z Cycle, We Downgrade IBM to Hold

Outperform Recap: Q3 2025

The Acceleration Arrives: All Segments Speed Up, Guidance Raised Twice, and We Upgrade IBM to Outperform

Hold Recap: Q2 2025

Software Stumble Overshadows a Clean Beat; Initiating IBM at Hold as the Re-Rating Outruns the Growth