Shares of

IBM

(IBM) - Get Report

were sharply higher amid analyst optimism about the computer company.

The Armonk, N.Y., company's shares were up 9.3%, or $5.34, at $62.92 at midday Friday.

The rise was sparked by an upgrade on the stock from a Lehman Brothers analyst. Lehman raised the computer giant's shares to "overweight" from "equal weight."

IBM's share rally helped boost stocks in broader markets, with the

Dow Jones Industrial Average

and the

Nasdaq

each up more than 3%.