Earnings Outlook: IBM earnings: Focus shifts back to legacy revenue as Red Hat settles in [MarketWatch]
International Business Machines Corporation (IBM)
Last international business machines corporation earnings: 4/20 04:08 pm
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Source: MarketWatch
IBM earnings: Focus shifts back to legacy revenue as Red Hat settles in International Business Machines Corp. short-term stock performance will depend on the company’s global technology services business even though much attention has been shifted to the recent acquisition of Red Hat Inc. IBM IBM, +1.15% is scheduled to report third-quarter earnings after the bell on Wednesday. Red Hat was acquired for about $34 billion by IBM in July in a deal that was announced a year ago and served as a focus of the company’s last earnings . This time around IBM is going to have to show a turnaround in some of its legacy businesses that still make up a big part of sales, like Global Technology Services, said Stifel analyst David Grossman, who has a buy rating and a $169 price target on the stock. “While most of the attention has shifted to Red Hat, our model does not assume a material contribution from revenue synergies,” Grossman said. “Rather, we believe near-term growth and stock performance
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