Drexel Hamilton Raises price Target on IBM (IBM) to $186 Following Strong 2Q Report
Drexel Hamilton reiterated a Buy rating on IBM (NYSE: IBM), and raised the price target to $186.00 (from $166.00), following the company's 2Q earnings report. IBM reported 2Q sales of $20.24 billion, ahead of the Street estimate of $20.05 billion. Pro forma EPS of $2.95 was above the Street's estimate of $2.89.
Analyst Brian White commented, "We are pleased with IBM's 2Q:16 results as we believe this performance supports a transition that is starting to turn the corner. During this transition at IBM, the stock has underperformed the S&P 500 Index by 85% since the end of 2011 and with a rich dividend yield of 3.5%, we believe the stock has an opportunity to play catch up in H2:2016."
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Shares of IBM closed at $159.86 yesterday.