Jim Cramer Believes International Business Machines (IBM) Is Undervalued

We recently published 11 Stocks on Jim Cramer’s Radar.  International Business Machines Corporation (NYSE:IBM) is one of the stocks on Jim Cramer’s radar.

International Business Machines Corporation (NYSE:IBM) is one of the largest enterprise computing hardware and software providers in the world. The firm’s shares are up by 19.9% over the past year and by 5.2% year-to-date. Bernstein raised International Business Machines Corporation (NYSE:IBM)’s share price target to $330 from $280 and kept a Market Perform rating on the shares on Friday. The financial firm pointed out that the technology company might face headwinds from devaluation related to AI. Bernstein added that International Business Machines Corporation (NYSE:IBM)’s strength in the quantum computing business might already be reflected in the firm’s stock price. Cramer has also discussed the quantum computing business several times. The CNBC TV host has gone as far as to suggest that International Business Machines Corporation (NYSE:IBM), along with Google, is the only quantum computing stock that is worth buying. Naturally, he continued to lavish praise on the quantum business in this episode:

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“Well you know that Arvind Krishna actually has quantum. And it’s actually being used. His stock is still undervalued. I think he is a great man who has taken a company that people think was left behind. They don’t look at what IBM does. There are still a lot of companies, the so called on premises, the big banks, and they’re using IBM. I just can’t say enough about what he’s doing. If he could get his way and quantum would come everywhere, we would be able to make it so that maybe we wouldn’t have to use that much energy, we wouldn’t be building, we wouldn’t be doing the Microsoft trade at Three Mile Island.”

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Disclosure: None. This article is originally published at Insider Monkey.