Список проголосовавших за комментарий " IBM Earnings Preview (167.19 +0.39)<p>IBM (IBM) will report Q4 results tonight after the bell with a conference call scheduled to start at 5:00 p.m. ET. Usually, IBM reports within the first 10 minutes after the bell.</p><ul><li>As it stands, the current Capital IQ Consensus Estimate calls for <strong>Q4 EPS of $4.89</strong> (vs. $4.84 in 2015) and <strong>revs of $21.7 bln</strong> (-2% Y/Y).<ul><li>IBM has reported revenue down year-over-year eighteen quarters in a row.</li></ul></li><li>Last quarter, the co reaffirmed FY 16 expectations for adj. EPS of at least $13.50 (Consensus $13.47 on revs of $79.7 bln)<ul><li>Other Guidance:<br/> <ul><li>Co continues to expect delivering around the high end of its FY free cash flow guidance range of about $12 bln<br/> <ul><li>co currently has delivered $6.9 bln in free cash flow through 3 quarters</li></ul></li><li>Co still sees the 2H improvement pretty much in-line w/ its view from the Q2 call</li></ul></li></ul></li></ul><p><strong>IBM will guide for FY17 in the press release.</strong></p><ul><li>Consensus estimates <strong>FY17 EPS of $13.79 on revs -1.4% to $78.9 bln</strong></li><li>Consensus estimates 1Q17 EPS of $2.49 on revs of $18.6 bln</li></ul><p>On October 17, IBM reported Q3 EPS of $3.29 vs $3.23 Consensus Estimate on revs of $19.23 bln (down less than 1% Y/Y) vs $19.0 bln Consensus Estimate. The co also reaffirmed FY 16 EPS guidance.</p><ul><li>Shares gapped down ~3% to open at 150 and fell as low as 148.<br/> <ul><li>The co ended the day down ~2.5% at 150.72.</li></ul></li><li>Shares continued drifting upwards even during the 10/25-11/4 correction when the QQQ ETF fell a total of 5% during 9 straight down days.</li><li>On November 10, BofA/Merrill upgraded to Buy from Neutral and the co gapped up 2% to close above its 50 day MA; shares closed the day strongly, up 4% at 157.66.</li><li>Shares rallied w/ the broader market over the next month eventually hitting a 52-week high of 169.95 on December 13.</li><li>Shares have been trading in a 166/170 range in the last month as investors await earnings.</li></ul><p>Revs by segment in Q3: Cognitive Solutions — $4.2 bln, +4.5%; Global Business Services — $4.2 bln, -0.4% or -1.6% adj for currency; Tech Services & Cloud Platforms — $8.7 bln, +2.4% or +1.4% adj for currency; Systems — $1.6 bln, -21% or -21.5% adj for currency; Global Financing — $412 mln, -7.9% or -9.2% adj for currency</p><p>Other notables from Q3:</p><ul><li>Co noted that over the last 12 months, strategic imperatives (cloud, analytics, mobility, and security) delivered nearly $32 billion in revenue (+16% Y/Y) and now represent 40% of IBM<br/> <ul><li>Cloud revs were up 44% with annual run rate for cloud as-a-service revenues up to $7.5 bln from $4.5 bln.</li><li>Analytics revs +15% (+14% adj. for currency)</li><li>Mobile revs +19%, security revs +11%</li></ul></li><li>Generated $2.4 bln of free cash flow in the quarter</li><li>Focused on scaling its Watson Health business</li><li>Ended Q3 w/ $3 bln remaining in its share repurchase program (co has repurchased $2.6 bln total in the first 3 quarters so far.)</li></ul><p>On January 12, Stifel raised its target to $192 from $165. Stifel notes, «It is difficult to attribute the outperformance (referring to the co's outperformance vs the S&P) to any one thing; however, it most likely reflects some combination of their ability to modestly exceed consensus rev and EPS ests for three consecutive quarters, while tracking to the high end of their annual FCF guide, IBM's commitment to the dividend despite the second consecutive year of earnings declines (8% increase late April, current dividend yield 3.3%), and a belief that the worst is behind them (rev and earnings compression)»</p>"