Even though International Business Machines Corp. (NYSE: IBM) stock has crashed by more than 22% so far in 2026, Arvind Ramnani, a Wall Street analyst at Truist Securities, expects further upside over the next 12 months.

Ramnani initiated a ‘Hold’ rating for IBM stock, according to a note sent to clients on October 9. The expert also set a 12-month IBM price target of $240.

As International Business Machines stock traded at approximately $225.63 at the time of reporting, Truist Securities signals a possible 6.37% upside. 

This bullish thesis is based on the company’s strong structural positioning across four of its primary domains, including IBM Z systems, watsonx Orchestrate, Red Hat, and its specialized consulting arm. 

Nonetheless, this firm highlighted that the upside scale for IBM’s price is limited by ongoing risks surrounding the company’s operational execution and unpredictable capital adoption timelines.

Furthermore, Ramnani argued that IBM faces uncertainty about when its enterprise-level spending on artificial intelligence (AI) infrastructure will directly convert into measurable demand.

IBM stock price forecast 

At press time, 20 Wall Street analysts surveyed by TipRanks over the past three months have set an average price target of $250.45. The moderate ‘Buy’ for IBM suggests a likely 11% uptick over the next 12 months.

Is IBM a good stock to buy? 

Over the last 12 months, International Business Machines stock has tumbled by 18.79%. As a result, this company has a market capitalization of about $213.5 billion at the time of publication.

Despite the ongoing AI boom, Wall Street analysts believe that IBM stock may not experience a bull run over the next 12 months, especially after dropping 3.02% over the past 30 days.

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