Think IBM Stock Is Expensive? This Chart Might Change Your Mind.

This cloud-computing leader may have more room to run.Shares of International Business Machines (IBM -0.29%) are trading at a record high amid a spectacular 68% rally over the past year. Some investors, seeing that performance, may assume the stock is now too expensive or overvalued.That thinking risks overlooking an ongoing transformation for this storied technology giant as it shifts its business away from legacy infrastructure hardware toward a software and hybrid cloud focus. This year, IBM is benefitin ...