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Momentum in services and growth in the cloud business were bright spots in IBM (NYSE:IBM)’s earnings report, but reactions to the print on the Street were muted, as focus now shifts to Big Blue’s acquisition of open source cloud software company Red Hat.
The Analsyts
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Wedbush’s Moshe Katri maintained a Neutral rating on IBM, with a $165 price target.
Keybanc’s Arvind Ramnani kept a Sector Weight rating on IBM, with no price target.
The Theses
IBM beat estimates on EPS, but reported a first-quarter revenue miss.
But Wedbush’s Katri said in a note that the strong results in services point to “solid demand trends.” Still, the company faces headwinds in software and services because of automation. IBM remains, Katri said, “a work in progress especially in terms of stability and consistency.”
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Ramnani noted revenue weakness was in part due to poor performance in the Asia-Pacific region, but also pointed to the positive cloud business growth.
“We continue to like the direction IBM is taking; however, in order to become more constructive, we would like to see better execution,” Ramnani wrote in a note.
Price Action
IBM's stock closed Wednesday down 4.1 percent at $139.11 per share.
Related Links:
IBM Tops Street Estimates On Earnings, Comes Up Short On Sales Expectations
Analysts Applaud IBM's Move To Make Watson Available Cross-Cloud
Photo credit: Patrick, Flick
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.