New York, July 20 (FinanceEnquiry.com) – Analysts at Deutsche Bank Securities reiterate their BUY rating on the shares of International Business Machines Corporation (NYSE: IBM). The 12-month target price has been raised from $220 to $225.
In a research note published on July 19, the analysts mention that despite revenue softness beating EPS, against the estimate at $26.3 billion/$3.44 and the consensus at $26.4 billion/$3.43, non-GAAP EPS of $3.51 on revenues of $25.8 billion has been posted by International Business Machines.
In addition to this, given macro or foreign exchange, guidance of FY12 has been raised by the company to $15.10+ against the previous $15.00+ alleviating investor concerns regarding the weakness of revenue.
Moreover, basically on strong execution, cost actions and ameliorating margin dynamics, EPS estimates have been raised. Having in mind, especially as new Hardware cycles ramp in 2H12, investors are expected to gravitate to high recurring profit stream and related EPS visibility of the IBM.
Furthermore, International Business Machines seem highly attractive at approximately $190 in the aftermarket i.e, 13x FY12E EPS, the analysts add further.
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