IBM Settles Patent Lawsuit With Airbnb; Street Sees 16% Upside
IBM on Dec. 23 announced the dismissal of its patent lawsuit with
Airbnb that was filed in early 2020 in the Federal District Court
in Delaware. Shares of Airbnb lost 3.2% at the close on Wednesday.
The terms of the settlement between IBM (IBM) and Airbnb (ABNB)
remain confidential. "IBM invests more than $5 billion annually in
research and development. This agreement further demonstrates the
value of our intellectual property that results from this
innovation. We're pleased this matter has been resolved." said IBM
general manager Dr. William Lafontaine. Citi analyst Jim
Suva recently reiterated a Hold rating on IBM stock with a
price target of $140 following the company's Q3 results.