S&P REITERATES STRONG BUY ON SHARES OF IBM
IBM; $114.93
IBM authorized a $15 billion stock repurchase plan, and improved its 2008 EPS guidance to "at least $8.25" from a range of $8.20 to $8.30. Additionally, the company announced product enhancements for its mainframe software lines. We believe IBM's software offerings were enhanced by the completion of its acquisition of Cognos on January 31. Overall, we view the company's breadth of products, broad client base, and financial flexibility as attractive. We are maintaining our EPS estimates of $8.25 for 2008 and $9.30 for 2009, and our P/E-based 12-month target price of $140. /T. Smith, CFA
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment