IBM (NYSE:IBM) helped lead the Dow higher on Thursday, as an overweight rating of the computer company by Morgan Stanley (NYSE:MS) helped its stock.
Morgan Stanley restarted coverage of IBM, saying the company is in the “later innings of a transformation.”
Analysts gave a price target of $170 per share, which assumes 2% annual revenue growth.
IBM recently closed its $34 billion acquisition of Red Hat, helping it bring its products to the cloud.
Shares of IBM rose 2.7% in midday trade.
