IBM (IBM) Buyback Authorization Lowest in Seven Years - Wells Fargo's Um
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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.
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