(News Bulletin 247) – Jefferies reiterates its buy advice on the value and its target of $160 after the announcement of a net operating profit (non-GAAP) down 2% to $1.2 billion under for the first three months of 2023, i.e. $1.36 per share (-3%), with an adjusted pre-tax margin down 0.5 points to 10.2%.
‘IBM’s Q1 results were quite strong relative to cautious expectations. The turnover is in line with the consensus and the EPS is up by 7.9% ‘indicates the analysis office.
“The company is more consistent, having met or exceeded EPS expectations in 13 of the 14 quarters since the Red Hat acquisition,” added Jefferies.
IBM says it is confident in its expectations for the current year, namely a growth of 3 to 5% of its income at constant exchange rates.
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