IBM has experienced significant stock growth in 2024, largely due to investor interest in the company’s potential for artificial intelligence (AI) and quantum computing. Despite this growth, the company’s AI-related revenues remain a small fraction of its overall business and its AI growth is not yet reflected in earnings forecasts.
IBM’s investment in quantum computing also has great potential, but the technology isn’t yet fully developed. The stock currently trades at 22.8x forward earnings, with expected earnings growth below the industry average. While there is certainly potential in AI and quantum computing, the stock seems expensive relative to its expected growth and the stock is currently considered a Hold.
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