International Business Machines Corp. (NYSE:IBM) will be reporting its first-quarter earnings on Wednesday. Wall Street expects $1.40 in EPS and $14.40 billion in revenues as the company reports after market hours.
The stock is up 32.22% over the past year and 9.53% year to date, but has cooled off recently with a 3.04% dip over the past month.
Let’s examine the charts for IBM stock and how it currently compares to Wall Street estimates.
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IBM Stock Trend Is Flat Ahead Of Q1 Earnings
Chart created using Benzinga Pro
Technically, IBM stock is moving in a flat trend with a light bullish undertone. With the share price of $240.90 above its eight-day and 20-day simple moving averages of $238.83 and $239.14, respectively, near-term momentum looks constructive.
Adding to that, IBM’s share price remains well above the 200-day simple moving average of $222.81 – another bullish mark for long-term investors.
However, it’s not all smooth code for Big Blue. The 50-day simple moving average at $248.02 is still above the current price, and the Moving Average Convergence Divergence (MACD) indicator is at a negative 2.18, signalling a bearish setup. With a Relative Strength Index (RSI) reading of 50.01, the stock isn’t showing any strong momentum either way.
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Investors may want to keep an eye on post-earnings action to confirm direction.
IBM Analysts See 17% Upside
Ratings & Consensus Estimates: The consensus analyst rating on IBM stock stands at Outperform currently with a price target of $213.48. The three most recent analyst ratings – from RBC Capital, Jefferies and Oppenheimer – set a bullish tone, averaging a price target of $287 a share, implying a 16.67% upside from current levels.
IBM Price Action: IBM stock was trading at $247.68 at the time of publication.
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