IBM Is Up 11.1% in Three Months. Can Its Momentum Keep Building Now?

International Business Machines Corporation IBM shares have gained 11.1% in the past three months, putting the focus on whether better operating execution can support further upside. The third quarter strengthened that case, with faster Software growth, improved transaction execution and wider operating margins. Still, uneven enterprise spending, mainframe cycles and a valuation above IBM's historical median keep the setup balanced. IBM's Three-Month Gain Meets Stronger Execution IBM's third-quarter revenue growth accelerated to 6% at constant currency, while operating earnings per share increased 11% year over year. Operating pretax margin expanded 70 basis points, reflecting productivity actions and better execution across the portfolio.