Narrow-Moat IBM's Long-Term Growth Prospects Are Stable
While IBM has not always converted technological innovation into commercial success in its century-long history, we think the company’s latest effort to reinvent itself by expanding its software business has been successful so far. Many enterprise customers are searching for IT upgrade solutions to their decades-old infrastructure, and IBM’s leadership in hybrid cloud positions itself as a trustworthy partner to preserve legacy IT systems’ stability and security during the modernization process.