Cantor Fitzgerald Reaffirms Their Hold Rating on IBM (IBM)
In a report released today, Joseph Foresi from Cantor Fitzgerald maintained a Hold rating on IBM (NYSE: IBM), with a price target of $152. The company’s shares opened today at $147.50.
“: We maintain our Neutral rating on IBM and our 12-month PT of $152*. IBM’s faster-growing Strategic Imperatives’ (SI) revenue growth reaccelerated in 2Q18, as systems growth improved due to a prolonged mainframe refresh cycle. The SI has been offsetting continued declines in the rest of the business, and if IBM can maintain double-digit growth in these revenues, the inflection point for a return to sustained overall growth could be near. We look this quarter to see if management can maintain margin momentum. We expect margins to be up in 3Q18 y/y and to increase for all of 2018. Management has been optimistic about margins, and we saw solid expansion in adjusted operating margin last quarter.”
According to TipRanks.com, Foresi is a top 25 analyst with an average return of 20.8% and a 83.0% success rate. Foresi covers the Technology sector, focusing on stocks such as Jack Henry & Associates, Fidelity National Info, and DXC Technology Company.
IBM has an analyst consensus of Hold, with a price target consensus of $167.75, representing a 13.7% upside. In a report released today, Goldman Sachs also reiterated a Hold rating on the stock.
See today’s analyst top recommended stocks >>
Based on IBM’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $20 billion and net profit of $2.4 billion. In comparison, last year the company earned revenue of $19.15 billion and had a net profit of $2.73 billion.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.