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Fly News Breaks for January 20, 2017
IBM
Jan 20, 2017 | 07:18 EDT
UBS analyst Steven Milunovich said IBM reported several positives in its Q4 earnings beat, but believes the earnings quality remains an issue, as he views the earnings as having been helped by a lower tax rate. He expected free cash flow guidance to be down versus 2016, but the company guided flat. Milunovich believes the stock is vulnerable to a correction as the shares may be ahead of fundamentals. Milunovich maintained his Neutral rating and $160 price target on IBM shares, which are down about 1.7% to $164 in pre-market trading.
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