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IBM Stock Surges Near $245 Target Amid Quantum Breakthrough

Guavy AI Editorial Team
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IBM
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IBM's stock has experienced a significant surge in recent days, closing at $235.68 on Friday after a 14.53% increase from its July 22 price.

This gain puts IBM within 3.92% of the average target price set by Wall Street analysts, who have a consensus target of $244.91.

The company's software revenue rose 5% in the latest quarter, while infrastructure revenue declined by 7%, driven by a 42% drop in IBM Z revenue.

IBM's recent quantum breakthrough is seen as a potential long-term driver for growth, but the company's short-term performance will be crucial in determining its stock price.

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