The Bernstein analysts said the stock’s direction
from here might simply ride on the state of the
economy, rather than any major catalyst inside
the company.
“Given its defensive characteristics and
historical performance, we believe that IBM is
likely to fare well if we continue to have
pressured markets, and likely to lag major
indices if we enter a recovery period,” they
wrote.
"Defensive characteristics". . .
https://www.cnbc.com/2022/12/27/ibm-stock-outperformed-technology-sector-in-2022.html