International Business Machines Corporation (NYSE:IBM) stock rose more than 4% in Tuesday’s premarket trading after President Donald Trump praised the company during a White House quantum technology event and JPMorgan upgraded the stock to Overweight, boosting investor sentiment.
On Tuesday, JPMorgan upgraded IBM to Overweight from Neutral and raised its price forecast to $291 from $270, citing confidence in the company’s artificial intelligence and software strategy.
The stock outperformed a weak broader market, with Nasdaq futures falling 2.66% and S&P 500 futures down 1.30%.
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