IBM (IBM -0.3%) opened higher on an upgrade to Outperform from Barclays' Ben Reitzes, but has...

IBM (IBM -0.3%) opened higher on an upgrade to Outperform from Barclays' Ben Reitzes, but has since given back its gains. Reitzes expects IBM's new mainframe hardware to give EPS a lift; expects the company will "continue to out-execute" H-P and Dell; sees Big Blue's analytics push boosting "higher-margin revenue streams" (presumably software/services); and likes the fact IBM isn't in Apple's crosshairs.