UPDATE - Macquarie Initiates Coverage on IBM (IBM) with an Outperform; A Smarter Company

UPDATE - Macquarie initiates coverage on IBM (NYSE: IBM) with an Outperform. PT $210.00.

Macquarie analyst said, "The crux of our favourable investment view is predicated on: 1) our confidence in the company delivering sustained EPS growth in the 10-12% range against a variety of potential economic backdrops; 2) conservatism around the company’s 2015 roadmap EPS model given multiple levers; 3) the company’s stable and defensive business model, which has benefited materially from the tilting of its portfolio toward higher-margin areas; 4) leadership in intelligent systems, which we view as an important secular growth opportunity; and 5) a still-reasonable valuation."

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