New York, June 20 (FinanceEnquiry.com) ? Analyst Dylan Cathers at S&P Capital IQ keeps BUY ratings on the shares of? International Business Machines (NYSE: IBM). The 12-month target price has been kept at $227.
In a research note published yesterday, the analyst mentions that 2012 operating EPS has been lifted by $0.06 to $15.15 after IBM posted Q2 operating EPS of $3.51 against? $3.09, $0.08 above the estimate.
Revenues have been declining 1.0% this year against the prior 1% growth estimate, reflecting weaker technology spending in select areas (such as Systems and Technology) and a foreign exchange headwind. Still,? it has been believed that IBM has been doing a good job expanding operating margins, as sales shift towards higher margin software. 2013 EPS forecast of $16.63 has been maintained.
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