Heart silver released pair of IBM(NYSE:I on January 18The research of BM) reports. Heart silver is to the grade of IBM " average " , reach target price by the attune on 155 dollars 175 dol motogp xbox game play lars (on tone 12.9%) , every gain anticipates be increased by 12.6 dollars to 13.05 dollars (on tone 3.5%) . The four quarters money that IBM releases in 18 days signs up for profit of indication company net profit to be 5.257 billion dollar.
12 volt adaptorFor this money the newspaper picks interpret under:
Target price is moved to 175 dollars on case
Every gain that the four quarters that IBM announces are based on standard of American general accounting (GAAPEPS) is 4.18 dollars, company battalion receives 29 billion dollar (the anticipation of heart silver is ordinal for 4.05 dollars, 28.1 billion dollar; The anticipation of wall street is) of 4.08 dollars, 28.3 bil ata pci best buy lion dollar. Such expression is surmounted anticipate, each major servicing of profit from IBM driving actual strength of the branch. We predict business spending rise (driving hardware / software and service demand) , stay the order that finish the driving growth, product cycle that goes strong continuously can be driven company outstanding achievement is strong 2011 growth. The stock of IBM is 155 dollars in the price of 2 class market (this is less than 2011 money year 12 times what expect every profit, relatively value of one class market is low 17% , we think the stock of IBM is charming. We keep pair of IBM stocks " average " grade, will move to 175 dollars on target price.
Driving hardware and profit from of sof moto gp xbox best buy tware outstanding achievement budget of science a most popular selling ata pci nd technology of 4 quarters industry is enough
Battalion receives the hardware of IBM to grow 22% compared to the same period to 6.3 billion dollar, exceed us the anticipation of 5.7 billion dollar, this shows the driving demand of pair of ZSeries and XSeries. The battalion o usb harddrive enclosure for lap top f large scale main computer closes after the demand of finance and economics and business management picks up recently to become very driving, receive year of increase rate in order to secure the battalion of exchange rate plan for 72% . In addition, software battalion closes to grow 12% to come compared to the same period 7 billion dollar, the model that surmounted us anticipates (heart silver predicts to be) of 6.6 billion dollar, this profit from is right among main brand exuberant demand, this domain grows 15% compared to the same period with securing the battalion of exchange rate plan to close. Battalion of four quarters service closes roughly with anticipate identical, amount to 14.9 billion dollar (heart silver anticipates for) of 15 billion dollar, the most popular ata pci but obtain order and order of kee ata pci p long in stock newly to be surmounted anticipate. IBM is benefited from inside the budget of industry science and technology with 4 good quarters, what we predict business spending is strong will perforative and whole 2011.
12 volt adaptorSuggestion of index of go ahead of the rest grows impetus to will continue
The service contract of the four quarters that IBM announces is as high as usb harddrive enclosure 22.1 billion dollar (of heart silver anticipate for) of 18 billion dollar, order of keep long in stock grew 5 billion dollar to come in this quarter 142 billion dollar (grow 4%) compared to the same period namely. The growth of order is all-around, short-term contract (all grow strong with securing the battalion of exchange rate plan to close to rise 9%) and long-term contract compared to the same period. If on one grinds,signing up for what what point out, we predict large scale main computer / POWER business loop, advisory service / ST autograph makes an appointment with a state to improve, IT spending environment is improved continuously will change into IBM basic battalion to restrain remarkable growth. Help dynamical growth as what these elements close to battalion, we think our battalion closes anticipate may be proved relatively conservative.
Be increased target price is maintained to 175 dollars " average " grade
We adjusted every gain to anticipate, in order to reflect gain of every operation cash reserve in a bank, 2011 money year because the attune on this is 13.05 dollars,every gain anticipates (before for 12.6 dollars) . We 2012 money year 14.5 dollars are surely at the beginning of every operation gain. We are increased target price from 155 dollars to 175 dollars, this price is equal to every cash gain anticipated 2011 13.5 times (the city that IBM goes 10 years is filled with rate limits to be 8, 49 times) . In view of the outstanding achievement growth of IBM and profit performance, we think this one city is filled with leading is reasonable. Affect us the risk of afore-mentioned conclusion includes: Of product of the IT spending market that puts delay abruptly, integrated risk, future change problem. In addition, product requirement will be beneficial to the IT that we predict to improve IBM total battalion restrains growth, and can make operati the best selling usb harddrive enclosure on lever sustains rich and generous gain.
Risk
IBM is a transnational corporation, existence and IT market many domains (software, hardware, service) the risk n that concern. Accordingly, global economy and environment of IT product spending are the main impetus of IBM outstanding achievement. The risk that affects IBM outstanding achievement to achieve us to anticipate includes to fail to implement the plan that cuts cost, macroscopical economy successfully relatively the growth of delay, risk n that concerns with financial orgnaization is opposite environment of price of Wu of kimono of taller, hardware is exasperate. (Much outstanding)
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