IBM Receives a Sell from Credit SuisseBy Carrie Williams
In a report released yesterday, Kulbinder Garcha from Credit Suisse reiterated a Sell rating on IBM (NYSE: IBM), with a price target of $110. The company’s shares closed yesterday at $162.22, close to its 52-week high of $165.
According to TipRanks.com, Garcha is a 5-star analyst with an average return of 7.2% and a 61.8% success rate. Garcha covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Lexmark International, and Motorola Solutions.
IBM has an analyst consensus of Hold, with a price target consensus of $150.83.
Based on IBM’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $19.23 billion and quarterly net profit of $2.85 billion. In comparison, last year the company earned revenue of $19.28 billion and had a net profit of $3.01 billion.
Based on the recent corporate insider activity of 86 insiders, corporate insider sentiment is negative on the stock. Last month, Bridget Van-Kralingen, the SVP of IBM sold 2,107 shares for a total of $342,261.