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Fly News Breaks for January 3, 2018
IBM
Jan 3, 2018 | 06:24 EDT
As reported earlier, RBC Capital analyst Amit Daryanani upgraded IBM to Outperform from Sector Perform and raised his price target to $180 from $160. Daryanani points to the benefits of the mainframe cycle upgrade, a favorable FX backdrop for the first time in 3 years, recovery in hybrid IT spending leading to 1%-3% revenue growth, and attractive 11-times PE valuation. The analyst adds that gross margins could stabilize in 2018 after an expected 130bps decline in 2017.
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