NEW YORK (TheStreet) --Shares of IBM (IBM) were climbing in early afternoon trading on Thursday, after getting an upgrade to "buy" from "neutral" with a $185 price target at Bank of America/Merrill Lynch.

"We believe that earnings have stabilized and large negative revisions are unlikely," the bank said in a note.

"I don't think you're going to lose money buying IBM," Lebenthal Asset Management CEO Jim Lebenthal said on CNBC's "Fast Money Halftime Report" today. "But, I think you're still ways away from making money."

After having read the analyst's report, Lebenthal noted the expected positive turn the analyst projects in 2017, but isn't buying it yet.

"In my opinion why not wait to see that turn, because we've been waiting three years to see that turn in revenue," he stated.

There isn't a steadfast way of knowing whether or not IBM's struggling businesses have stopped bleeding enough in order to allow its more lucrative businesses (Watson, cloud computing) to take over, he noted.

"Just wait," Lebenthal concluded.

Separately, 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.

The team rates IBM as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its solid stock price performance and notable return on equity. The team 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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