IBM (IBM) Buyback Authorization Lowest in Seven Years - Wells Fargo's Um
- Wall Street surges to new highs; transports set record
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- After-Hours Stock Movers 12/07: (VYGR) (LULU) (HRB( Higher; (OHRP) (VRNT) (CMTL) 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
- Wedbush Raises Price Target on Francesca's (FRAN) Following 3Q Report
- UPDATE: Seaport Global Securities Starts Owens Corning (OC) at Buy
- MoffettNathanson Downgrades AMC Networks (AMCX) to Sell
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!