Cantor Remains Positive On International Business Machines Following Investor Briefing
Cantor analyst Brian White weighed in on International Business Machines Corp. (NYSE:IBM), following the company’s Investor Briefing, which took place in NYC yesterday. The analyst rates the stock a Buy with a price target of $198, which represents a potential upside of 23% from where the stock is currently trading.
White noted, “Although there were no fireworks at the meeting, we believe IBM provided more clarity around it’s transition and cloud initiatives. At the same time, sell-side sentiment hovers around 20-year lows, IBM is trading at just 9.7x our CY:16 EPS estimate, and the stock sports an attractive 2.7% dividend yield.” Furthermore, “We believe the decline in IBM’s core business and the rise of strategic imperative revenue has the potential to reach a crossover point over the next two years.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian White has a total average return of 21.2% and a 75.9% success rate. White has a -1.8% average return when recommending IBM, and is ranked #12 out of 3483 analysts.