The risk/reward is beginning to look more favorable for IBM IBM, Bernstein analyst Toni Sacconaghi said Tuesday on CNBC's "Squawk On The Street."
Sacconaghi said he had been "more on the cautious side" about IBM in the past because the company failed to grow.
The analyst noted that IBM had been growing at about -2% per year, but he expects moving forward the company can begin to grow at 1% or better.
Related Link: Strong Results From IBM And Johnson & Johnson Not Enough As Covid Worries Rise
What Happened: IBM reported better-than-expected first-quarter EPS and sales Tuesday morning. The stock hit a new 52-week high in trading today.
IBM appointed a new CEO who is changing IBM's portfolio and sentiment surrounding the company should begin to improve, the analyst told CNBC.
Price Action: IBM was up 4.32% to $138.87 at last check Tuesday.
(Image by Michael Gaida from Pixabay)
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