Macquarie Maintains an 'Outperform' on IBM (IBM); Mixed 3Q, Macro Deteriorating?

Macquarie maintains an 'Outperform' on IBM (NYSE: IBM) price target of $210.00.

Macquarie analyst says, "IBM reported in-line 3Q11 EPS (adj for tax) on revenue that fell slightly shy of consensus. Software and Power Systems hardware were standout performers, while System z results were disappointing...System z revenues declined 7% @cc vs the comparable quarter (+4q) during the prior 2 cycles of -12% (1Q09) and +22% (2Q07), respectively...For FY11 and FY12 our non-GAAP EPS estimates increase to $13.37 and $15.03 from $13.35 and $14.80, respectively."

For more ratings news on IBM click here and for the rating history of IBM click here.

Shares of IBM closed at $186.59 yesterday.

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