International Business Machines (IBM) and Mercedes have successfully developed and launched a service on Mercedes me Store, ‘Urban Guard – Stolen Vehicle Help’, to help law enforcement agencies and customers track and recover stolen vehicles.
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The solution builds on an earlier partnership between IBM and Mercedes’ parent firm Daimler (DDAIF) for the development of connected car services such as ‘ready to’. (See IBM stock chart on TipRanks)
The ‘Urban Guard – Stolen Vehicle Help’ service gathers customer and vehicle data, which is shared with police stations, along with the vehicle position data, through a service partner.
The Vice-President and Industry Leader Industrial, Automotive, IBM DACH, Juergen Braun, said, “Developing connected car services that help safeguard the owner’s investment is a meaningful way for Mercedes to deepen its relationship with its customers, as well as differentiate itself.”
The service was launched in Europe in November 2020, where it demonstrated effective recovery efforts. It is now available to eligible customers in select nations in the Asia Pacific region and North America.
Last month, Morgan Stanley analyst Kathryn Huberty maintained a Hold rating on the stock with a price target of $164 (17.7% upside potential).
In a research note, the analyst said, “Investments in the business are driving growth in both the software and business-services segments, which builds confidence in IBM’s ability to reach sustainable mid-single-digit revenue growth, but limiting earnings per share (EPS) growth in the short run.”
Overall, the stock has a Moderate Buy consensus rating based on 3 Buys and 6 Holds. The average International Business Machines price target of $154.33 implies 10.8% upside potential. The company’s shares have gained 15.8% over the past six months.
According to TipRanks’ Smart Score rating system, IBM scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.
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