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"IBM has a unique business model that is very difficult to replicate," declares Sterne Agee's...

"IBM has a unique business model that is very difficult to replicate," declares Sterne Agee's Shaw Wu, who has made the IT giant a top 2013 pick. Big Blue's success in offering integrated hardware/software/services solutions makes it a lot like Apple, Wu argues, and the fact 60% of its profits come from recurring streams provides predictability. He's also optimistic IBM's Power server refresh will boost software/services sales. Shares have been in a trading range the last 2 months after falling in the wake of a disappointing Q3 report (I, II).
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