IBM (IBM) Buyback Authorization Lowest in Seven Years - Wells Fargo's Um
- Wall Street dips on Trump protectionism, Qualcomm drag
- Yahoo! (YHOO) Tops Q4 EPS by 4c; Sees Verizon Deal Closing in Q2, Not Q1
- Aetna's (AET) Humana (HUM) Takeover Blocked by Judge as Anticompetative
- Trump signs order withdrawing U.S. from Trans-Pacific trade deal
- After-Hours Stock Movers 1/23: (REXX) (MRCY) (SYNC) Higher; (FSM) (OCUL) (CASC) Lower (more...)
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Wells Fargo analyst Maynard Um notes IBM's (NYSE: IBM) just announced $3 billion buyback is the lowest authorization in seven years, although the remaining authorization is consistent with prior years' balances.
"We believe lower share repurchase authorization is roughly in line with expectations based on recent repurchase activity ($2.7B year-to-date in 2016 and $4.6B in 2015) and the need to make investments in new areas to transition the company," he said.
The firm maintained a Market Perform rating and $150-$160 valuation range on IBM.
Shares of IBM closed at $150.57 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Wells Fargo Downgrades Verizon Communications (VZ) to Market Perform
- UPDATE: Seaport Global Securities Upgrades Flowserve Corp. (FLS) to Buy
- IBM Security Plans to Acquire Agile 3 Solutions to Help the C-Suite Manage Data Risk
Create E-mail Alert Related CategoriesAnalyst Comments, Stock Buybacks
Related EntitiesWells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!