IBM stocks hit a lifetime high

SHARES of International Business Machines (IBM) hit a lifetime high yesterday as analysts welcomed the tech giant’s commitment to double its profit by 2015.

IBM shares rose as much as 3.3 per cent to $167.72 (£103.50), their highest level on record adjusted for stock splits, as analysts raised their target price on the company, the day after it reaffirmed its ambitious 2015 earnings target of doubling profit to at least £20 per share. The optimism was limited to IBM. Shares of rivals Microsoft, Apple and Hewlett-Packard all fell.