IBM: Solomon raised 12 month target from $125 to $135 +++ TXN
(wasn't it the $125 target announcement that pushed blue to $108 before?).
10:39 [IBM] IBM '97 EPS ESTIMATE RAISED TO $6.22 FROM 6.16-SOUNDVIEW.
09:36 RESEARCH ALERT- IBM rated unattractive
08:37 [IBM] IBM UPPED TO STRONG BUY FROM BUY-SALOMON BROTHERS
Alert: COWEN REITERATES STRONG BUY RATING ON IBM
Reuters Story - October 21, 1997 08:13
NEW YORK, Oct 21 (Reuters) - Salomon Brothers said on
Tuesday it raised its rating on shares of International
Business Machines Corp to strong buy from buy after the company
reported strong third quarter results.
-- After the market close on Monday, IBM reported third
quarter earnings of $1.38 per share versus $1.23 per share,
topping analysts estimates of $1.36 per share.
-- Analyst John Jones Jr said in research note consistency
of IBM's results should produce expanding price-to-earnings
targets over next four quarters.
-- Jones maintained his 1997 earnings estimate of $6.25 per
share and his 1998 estimate of $7.25 per share.
-- Raised his 12-month price target to range of $125 to
$135 per share. ><<<<<<<<<-----
-- Salomon projects revenues to grow a reported four
percent to $24.4 billion in the fourth quarter and rise eight
percent in 1998 to $85.5 billion.
-- IBM continues to invest in consulting services, as shown
by its hiring 13,000 people year to date, it said.
-- Software posted strongest growth in over two years when
acquisitions are excluded, Salomon said.
-- Hard disk drive OEM business continues to be strong,
Jones said.
-- Europe is beginning to grow again for IBM, he said.
-- Foreign currency hedging practices are becoming more
effective and are increasing probability of consistent earnings
growth, Jones said.
-- Cowen & Co said it reiterated its strong buy rating on
shares of IBM.
-- Further details not immediately available.
-- IBM stock rose 4-3/8 to 101-7/8.
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RESEARCH ALERT- IBM rated unattractive
October 21, 1997 09:36
NEW YORK, Oct 21 (Reuters) - PaineWebber analyst Steve
Smith said Tuesday he reiterated an unattractive rating on
shares of International Business Machines Corp.
-- Underlying growth rate continues to disappoint.
-- Mainframe business did not grow.
-- No further information was immediately available.
-- IBM shares were up 5-1/4 at 102-3/4 in mid-morning
trading Tuesday.
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GREATE report on TI TXN
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