IBM Price Target Cut at BMO on Economic-Growth Concern [TheStreet.com]
International Business Machines Corporation (IBM)
Last international business machines corporation earnings: 4/20 04:08 pm
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Source: TheStreet.com
The International Business Machines(IBMGet ReportHe reduced the target to $135 from $155 and affirmed his market-perform rating, The Fly reports.The target drop apparently didn’t affect the Armonk, N.Y., tech giant's stock on a day when the broad market is indicated sharply higher. IBM shares at last check rose 2.8% to just under $119.The shares have dropped 16% over the past three months, about the same as the S&P 500 index.Bachman lowered his estimates for IBM’s earnings per share to $11.69 from $13.33 for 2020 and to $13.02 from $14.02 for 2021.Bachman noted in a report that it’s quite unclear when the economy will rebound, according to The Fly.Red Hat, the open-source software unit that IBM bought last year, will struggle with upsells and new logo growth, though it should hold up better than other areas of the company, as 90% of its revenue comes from subscriptions, he said.IBM on Monday reports first-quarter earnings. Analysts estimate earnings per share will total $1.70 for the
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