International Business Machines Corp.’s Neutral Rating Reaffirmed at Zacks (IBM)
International Business Machines Corp. (NYSE:IBM)‘s stock had its “neutral” rating reaffirmed by Zacks in a note issued to investors on Wednesday, AnalystRatings.NET reports. They currently have a $184.00 price target on the stock. Zacks‘ price target suggests a potential upside of 5.16% from the stock’s previous close.
Zacks‘ analyst wrote, “IBM reported mixed third quarter results. While earnings of $3.99 per share comfortably surpassed the Zacks Consensus Estimate, revenues missed the consensus mark. Despite the revenue miss, management provided optimistic guidance. We believe that IBM’s strong backlog, improving outsourcing signings and new contract wins will boost the top line going forward. Moreover, benefits from workforce rebalancing and stringent cost control will expand margins going forward. Nevertheless, we believe that sluggish IT spending remains the major headwind in the near term. Additionally, increasing competition in the hardware segment is another significant concern going forward. Further, slowing top-line growth in BRIC and growth markets is a headwind in our view. Thus, we have a Neutral recommendation on IBM and set a target price of $184.00.”
Several other analysts have also recently commented on the stock. Analysts at Thomson Reuters/Verus upgraded shares of International Business Machines Corp. from a “hold” rating to a “buy” rating in a research note to investors on Monday. Separately, analysts at Argus downgraded shares of International Business Machines Corp. from a “buy” rating to a “hold” rating in a research note to investors on Friday, October 18th. Finally, analysts at Credit Agricole cut their price target on shares of International Business Machines Corp. from $225.00 to $215.00 in a research note to investors on Thursday, October 17th. They now have an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $202.58.
International Business Machines Corp. (NYSE:IBM) traded up 0.45% during mid-day trading on Wednesday, hitting $175.76. The stock had a trading volume of 3,437,585 shares. International Business Machines Corp. has a one year low of $181.10 and a one year high of $215.90. The stock has a 50-day moving average of $188.0 and a 200-day moving average of $199.5. The company has a market cap of $191.6 billion and a price-to-earnings ratio of 12.12.
International Business Machines Corp. (NYSE:IBM) last issued its quarterly earnings data on Wednesday, October 16th. The company reported $3.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.96 by $0.03. The company had revenue of $23.70 billion for the quarter, compared to the consensus estimate of $24.77 billion. During the same quarter in the previous year, the company posted $3.62 earnings per share. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, analysts predict that International Business Machines Corp. will post $16.87 earnings per share for the current fiscal year.
International Business Machines Corporation (NYSE:IBM) is an information technology (IT) company.
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