IBM (IBM) Issues Short-Term Says Sterne Agee

April 19, 2013 7:44 AM EDT
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Sterne Agee's Shaw Wu reiterated a Buy rating and $230 price target on IBM (NYSE: IBM) following Q1 results.

"IBM reported modestly light revenue and EPS due to a 2% currency impact and one quarter push-out of about $400 mm in higher-margin software, System z, and IP licensing revenue," Wu notes. "However, we are not overly concerned as issues appear short-term in nature and results are decent in light of bigger shortfalls at ORCL INFY and FFIV. IBM's remains our top pick as we believe it is well-positioned with the industry's most resilient business model and will benefit from a high-end server refresh cycle."

The firm tweaked estimates. For 2013, they are now at $103.6 billion in revenue and $16.75 in EPS (from $106.1 billion and $16.85 in EPS) vs. consensus at $106.3 billion and $16.77 in EPS and for 2014, $106.2 billion and $18.50 in EPS (from $108.4 billion and $18.50 in EPS) vs. consensus at $109.0 billion and $18.46 in EPS.

For an analyst ratings summary and ratings history on IBM click here. For more ratings news on IBM click here.

Shares of IBM closed at $207.15 yesterday.

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