My Hat’s Off to International Business Machines (IBM) CEO, Says Jim Cramer

We recently published Jim Cramer Discussed These 12 Stocks & Wondered Whether He Should Melt Silver. International Business Machines Corporation (NYSE:IBM) is one of the stocks that Jim Cramer discussed.

International Business Machines Corporation (NYSE:IBM) is one of Cramer’s top stocks in the technology space. Over the past couple of months, the CNBC TV host has praised the firm’s quantum computing business. International Business Machines Corporation (NYSE:IBM)’s shares are up by 9.8% over the past year and are down by nearly a percent year to date. Stifel raised the share price target to $340 from $325 and kept a Buy rating on the shares in late January. The financial firm pointed out that International Business Machines Corporation (NYSE:IBM) was among its top defensive stock picks and added that the premium it was trading at made Stifel hesitant to “chase” it. Evercore also maintained an Outperform rating. Keeping a $345 share price target on International Business Machines Corporation (NYSE:IBM) following the firm’s fourth quarter earnings. Cramer praised the company’s CEO:

My Hat's Off to International Business Machines (IBM) CEO, Says Jim Cramer

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“Well look I mean there was a time when that I felt IBM was a hardware company, it was slow growth. Now it’s a hardware, software company with a hybrid cloud that’s doing well. And I thought that Red Hat, great acquisition. . .Arvind Krishna is a unbelievable remaker of IBM and my hat goes off to him, really fantastic quarter.”

While we acknowledge the risk and potential of IBM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than IBM and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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