Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: porcupine --''''> who wrote (997)	11/17/1998 10:14:00 PM
From: porcupine --''''>	Read Replies (1) of 1722

RESEARCH ALERT - Merrill sees IBM growth NEW YORK, Nov 16 (Reuters) - International Business Machines Corp.'s operating income will grow at an accelerated pace as the computer maker's electronic business strategy unfolds, Merrill Lynch analyst Steve Milunovich said on Monday. "We think IBM's operating income growth will accelerate," Milunovich said in a published note on Monday. "Management was upbeat at last week's e-business meeting," he said of a briefing IBM held for Wall Street analysts last Wednesday. The Merrill analyst said two trends play to IBM's strengths -- the demand by customers for reduced technological complexity and complete system solutions instead of simply new products and the coming wave of so-called "information appliances." Information appliances are small Internet-connected devices that offer many of the advantages of personal computers at significantly lower prices. "IBM's role as an infrastructure provider for appliances could enhance its (price/earnings) multiple," Milunovich argued in a note after a visit with IBM management. Milunovich made no change to his IBM earnings estimates or stock rating, which remains a long-term buy with a 12-month price target of $180. IBM stock was up 13/16 to $158-1/4 early Monday afternoon, trading in a range just below its historic high, adjusted for stock splits, which was set last week. ((-- Eric Auchard, New York newsdesk, 212-859-1840))

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