Ahead of the Bell: Analysts upbeat on IBM's 4Q
(AP) — IBM Corp.'s strong fourth-quarter results gave analysts more confidence the company has another year of earnings growth ahead of it.
"An ongoing economic recovery along with higher IT budgets should provide a tailwind for IBM's software and hardware segments," Canaccord Adams analyst Peter Misek told clients in a note Wednesday.
He upgraded the stock to "Buy" from "Hold" and raised his price target for share to $150 from $130.
After the close of trading Tuesday, IBM reported a 9 percent jump in profit over the same quarter a year ago. Sales climbed just under 1 percent. Both figures topped estimates from analysts.
"All in, we think IBM closed out a remarkably solid 2009," Caris & Co. analyst Robert Cihra said in a note.
Cihra said a late recovery in spending on IBM's consulting services, combined with a rebound already under way in software and hardware should push IBM's profits ahead of expectations through next year.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
