Goldman Sachs Says IBM (IBM) Q1 Not as Strong, But Buy Thesis Intact

Goldman Sachs reiterated their Buy rating and $223 price target on IBM (NYSE: IBM) following results after the close. The firm said while the results were not as strong as they expected, their Buy thesis is intact.

The firm notes software was strong, while services was in-line with expectations although there was weakness in Japan and the public sector. The overall performance supports their expectation for steady earnings upside, with secular profit momentum in high-margin services and software

Goldman raised FY12 EPS from $14.89 to $15.09, FY13 from $16.57 to $16.64 and FY14 EPS from $18.28 to $18.50.

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 $207.45 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Lowe's (LOW) PT Lowered to $275 at Guggenheim
• Freedom Broker Upgrades Walmart (WMT) to Buy
• Bally's Corp (BALY) PT Lowered to $11 at Macquarie