Veritas Software

(VRTS) - Get Report

was rising in the premarket session after disclosing a new partnership with


(IBM) - Get Report

and receiving an analyst upgrade.

Salomon Smith Barney upgraded the software maker to buy from outperform and raised its target price on the stock to $56 from $40. The action came one day after Veritas announced a new sales partnership with IBM Global Services. IBM's consulting arm will resell Veritas's management software products as part of its data infrastructure services. The companies will jointly sell data storage products to larger corporations.

Shares of Veritas were recently trading up 4.2% to $44.45 in Instinet premarket trading after closing at $40.94 Tuesday on the Nasdaq exchange.