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Fly News Breaks for October 17, 2019
IBM
Oct 17, 2019 | 08:01 EDT
Stifel analyst David Grossman notes disappointments from IBM's GTS segment and legacy software portfolio in Q3 as likely contributors to the 5% aftermarket decline in the stock despite Red Hat being a positive and the company maintaining its 2019 guidance. The Q3 results suggest stabilization of GTS, and now legacy Cognitive, will be 2020 events, which he thinks means that IBM will likely remain a "show me" story into next year, Grossman tells investors. He keeps a Buy rating and $169 price target on IBM shares.
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