Wells Fargo Securities Expects In-Line Results from International Business Machines

In a report published Tuesday, Wells Fargo Securities analyst Maynard Um reiterated a Market Perform rating on

. In the report, Wells Fargo Securities noted, “We view IBM as a fairly defensive stock given its historical track record of meeting and exceeding guidance, return of solid cash flow in the form of share repurchases and dividends, recurring revenue streams, and given that, among its peers, it is furthest along in offering complete solutions. However, we believe its premium valuation relative to peers and inline with S&P 500 limits potential for significant price appreciation relative to the overall market.” International Business Machines closed on Monday at $197.78.