International Business Machines (IBM) spent the early part of 2026 as one of the market’s least-loved technology names. A new call from Barclays flipped that script in a flash.

On June 1, the bank started coverage of IBM with an overweight rating and a 12-month price target of $350, and the stock raced to record territory the same day.

The headline grabber is quantum computing, but the reason Barclays actually likes the stock sits somewhere far less glamorous, inside IBM’s enterprise software division.

That distinction matters for everyday investors because it changes what you are really buying when you open an IBM position at the current price levels.

Why Barclays just put a $350 price target on IBM stock