It has a PE of 12.8 (as of writing). That is "low" relative to DOW averages.
They are engaged in acquisition (asset increase) and just got a federal contract (cash flow).
Yah... if I had that kind of liquidity available, I'd buy it, but watch for resistance/support at $185 (i.e. be ready with some options contracts to protect it).
Tech is currently underrated, overall. Probably because people in general are just not paying attention to all the things happening in "science" right now, so it flies under the radar of money shufflers.
EDIT: Here's what the chart looks like to me. The fact it has broken out of the "cloud" is a good sign.
http://stockcharts.com/h-sc/ui?s=IBM&p=D&b=4&g=0&id=p36648002994