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International Business Machines Corp. (NYSE: IBM) shares are down more than 80 percet this week after reporting a slight Q4 EPS beat on a modest Q4 revenue miss. According to a new report by Cantor Fitzgerald analyst Joseph Foresi, the mixed numbers are a good representation of the company’s uncertain future.
“Earnings guidance was set conservatively in our opinion, which we view as a good thing, but ultimately investor focus remains squarely on top-line growth,” Foresi explained.
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.
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He added that, while Strategic Imperative revenue growth of 16 percent was impressive, it fell short of the type of growth the company has registered in recent quarters.
In addition, he notes that margins appear to have been impacted by forex headwinds as well.
Given the company’s new 2016 guidance, Cantor Fitzgerald has lowered its 2016 non-GAAP EPS estimate from $15.04 to $13.51. The firm also lowered its price target from $140 to $122 but maintained its Hold rating.
Disclosure: the author holds no position I the stocks mentioned.