Jefferies Starts IBM (IBM) at Hold, Valuation Full

Jefferies initiates coverage on IBM (NYSE: IBM) with a Hold. PT $225.00.

The firm comments, "IBM has a fairly cohesive cloud strategy with an impressive array of software and services but has gaps on the storage side, and we believe IBM may have to pay up significantly to purchase a large storage player. We think IBM’s Services business has lackluster prospects due to macro issues in the near-term and cloud headwinds longer term. IBM has done an excellent job with capital optimization (and buybacks could drive some upside to consensus 2013 estimates), but overall we see the valuation as full."

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 $206.18 yesterday.

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