Shares of IBM ( IBM) were getting an early lift Monday after a Wall Street firm raised its opinion of the hardware giant.

UBS upgraded IBM to buy from neutral and boosted its price target on the stock to $118 from $100, citing improving fundamentals.

IBM was gaining $1.09, or 1.1%, to $98.51 in premarket trading, putting the stock just pennies below its 52-week high at $98.79.