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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: stan_hughes who wrote (198081)	10/17/2002 8:01:27 AM
From: orkrious	Read Replies (2) \| Respond to of 436258

07:35 ET IBM IBM upgraded at Merrill Lynch, Bear Stearns (64.90) -- Update -- Merrill Lynch upgrades to BUY from Neutral, saying IBM is clearly outperforming its competition with superior strategy and execution, although weak IT spending may limit the upside; cuts 2003 est to $4.30 from $4.50; price target is $82. Separately, Bear Stearns upgrades to OUTPERFORM from Peer Perform. On the other hand, JP Morgan maintains their Neutral rating, as they continue to believe that IBM's service-centric business model positions the co well once IT spending recovers, but prefers to wait on the sidelines for a more attractive valuation.