Collins Stewart Reiterates Buy rating and $210 Target on IBM

Collins Steward maintains its Buy rating and $210 target price on IBM (NYSE: IBM) as the company maintains its consistency in results.

Colins Stewart says, "With moderated expectations, IBM's 4Q11 results of $29.5B, up 2% y/y vs. consensus of $29.7B with EPS of $4.71 vs. the Street's $4.62 were enough for the shares to rally in after-market trading. While the company did see a bit of demand hesitation in the quarter, it wasn't enough to alter results. Plus management re-endorsed its $20.00 in 2015 EPS road-map & established 2012 EPS expectations of “at least” $14.85 (our est.), essentially endorsing the current Street consensus which was $14.83 prior to the results."

IBM closed at $180.52 per share on Thursday.