IBM has dismissed reports that it intends to lay off thousands of employees in an effort to reorganize the company. Saxo Bank’s Head of Equity Strategy Peter Garnry says IBM has a lot to offer investors if it succeeds in divesting parts of the business and increases its focus on future technologies.

CEO Ginni Rometty is spearheading a transformation of IBM into cloud computing, data analytics and mobile technology to make up for declining sales in hardware and tech consulting services.

Some investors impatient with Rometty have dumped IBM stock and the share price has dropped over 10% in the past year. But the company’s largest shareholder, Warren Buffet, is increasing his stake in IBM and now owns almost 8% of the company.