Argus Upgrades IBM (IBM) to Buy

Argus upgraded IBM (NYSE: IBM) from Hold to Buy with a price target of $175.00.

The firm notes the upgrade is primarily on valuation. They note IBM trades at 9.2-times our 2015 EPS forecast and at 8.8-times our 2016 forecast, compared to a five-year (2010-2014) average P/E of 11.6.

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 $140.96 yesterday.

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