UPDATE: Cantor Fitzgerald Initiates Coverage on International Business Machines Corp. with Buy Rating, $220 PT on EPS Growth Story

In a report published Friday, Cantor Fitzgerald analyst Brian J. White initiated coverage on

with a Buy rating and $220.00 price target. In the report, Cantor Fitzgerald noted, “We are initiating coverage of IBM with a BUY rating and 12-month price target of $220.00. With a broad portfolio of IT solutions, IBM is recognized as a leading player across IT services, mainframe computing, software, servers and storage. Over the years, IBM's deliberate shift away from the more commoditized areas of IT spending to higher-valued add solutions has resulted in accelerated innovation, attractive margin expansion and healthy EPS growth. Given that the stock remains flat in 2013, trading at a CY14 P/E of just 10.4x, we believe IBM represents an attractive value.” International Business Machines Corp. closed on Thursday at $193.39.