NEW YORK (TheStreet) -- Shares of International Business Machines (IBM) - Get Report are up 0.02% to $147.28 Monday afternoon as Wells Fargo raised its price target to $150 from $135 and maintained its "market perform" rating, Barron's reports.

The adjusted price target comes after the Armonk, NY-based software and service company started to secretly lay off thousands of its employees while making a transition to the cloud, the Wall Street Journal reported on Friday.

IBM declined to comment on how many employees would be cut overall but the layoffs could affect more than 14,000 jobs, Sanford Bernstein analysts estimated.

On Friday, the company said it had more than 20,000 new jobs open, the Journal says.

The job cuts came after four consecutive years of declining revenues as competition from cloud computing threatens IBM, the Wall Street Journal states.

"Besides the strategic initiatives, we believe restructuring is also to reduce costs by moving to low cost regions (some jobs are believed to be moving to India and Costa Rica)," Wells Fargo told Barron's. By reducing costs and investing "heavily" in sector growth areas, IBM is "moving in the right direction," but 2016 will still prove to be a "transition" year for the company, the firm noted.

Separately, TheStreet Ratings rated IBM as a "buy" with a score of B-.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.

Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

This is driven by some important positives, which TheStreet Ratings believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks that are covered.

The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and notable return on equity. TheStreet Ratings feels its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.

You can view the full analysis from the report here: IBM

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