Drexel Hamilton Reiterates Buy on IBM (IBM) Following Announced Workday (WDAY) Partnership
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Drexel Hamilton reiterated a Buy rating and $186.00 price target on IBM (NYSE: IBM) following the company's announcement that it has entered a multi-year strategic partnership with Workday (NYSE: WDAY). Given Workday's aggressive international expansion initiatives, Drexil Hamilton believes that the IBM Cloud provides the global footprint and flexible capacity necessary to support growth.
Analyst Brian White commented, "In our view, Workday is a rising star in the SaaS world and delivered 48% revenue growth in FY:16 to $1.16 billion. Given that IBM is not actively involved in providing ERP SaaS solutions, we believe this strategic partnership is void of the competitive conflicts that could arise when partnering with other leading cloud vendors. In November 2015, IBM acquired Meteorix, a leading Workday services partner."
Shares of IBM closed at $161.95 yesterday.
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