Collins Stewart Reiterates $200 Price Target on IBM (IBM) Following Q2 Earnings, Gaining Market Share
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Price: $208.08 -0.27%
Rating Summary:
8 Buy, 15 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 13
Rating Summary:
8 Buy, 15 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 13
Trade IBM Now!
Collins Stewart is reiterating its Buy rating and and $200 price target on shares of IBM (NYSE: IBM) following strong Q2 results.
The company's revenue for the quarter grew over 12 percent to $26.7 billion while EPS beat the consensus by $0.06 at $3.09. IBM raised its 2011 EPS guidance to $13.25 to go inline with current market trends.
Due to strong demand and positive market trends, the firm is raising its 2011 EPS estimate by $0.15 to $13.25 and its 2012 estimate by $0.13 to $14.85. Revenue estimates for the two years increased from $106.54 billion and $111.11 billion to $108.75 billion and $113.65 billion.
IBM's revenue from its power series server segment raised 12 percent year-over-year as the company continues to steal market share from Oracle (Nasdaq: ORCL) and HP (NYSE: HPQ) in this area. System z mainframe outperformed exceptionally as its revenue rose 61 percent year-over-year.
Backlog for the quarter also grew by $2 billion to $144 billion.
For more ratings news on IBM click here and for the rating history of IBM click here.
Shares of IBM closed at $175.28 yesterday, with a 52 week range of $110.00-$177.77.
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The company's revenue for the quarter grew over 12 percent to $26.7 billion while EPS beat the consensus by $0.06 at $3.09. IBM raised its 2011 EPS guidance to $13.25 to go inline with current market trends.
Due to strong demand and positive market trends, the firm is raising its 2011 EPS estimate by $0.15 to $13.25 and its 2012 estimate by $0.13 to $14.85. Revenue estimates for the two years increased from $106.54 billion and $111.11 billion to $108.75 billion and $113.65 billion.
IBM's revenue from its power series server segment raised 12 percent year-over-year as the company continues to steal market share from Oracle (Nasdaq: ORCL) and HP (NYSE: HPQ) in this area. System z mainframe outperformed exceptionally as its revenue rose 61 percent year-over-year.
Backlog for the quarter also grew by $2 billion to $144 billion.
For more ratings news on IBM click here and for the rating history of IBM click here.
Shares of IBM closed at $175.28 yesterday, with a 52 week range of $110.00-$177.77.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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