Analyst Lisa Ellis supports IBM management’s turnaround strategy but says that “six+ years in, the company’s recovery remains protracted and uncertain.”
Ellis estimates that only 25% to 30% of IBM revenue comes from growth businesses with much of the portfolio in “structurally declining areas” like Enterprise IT.
Price target: $150, about 2% lower than yesterday’s close.
IBM shares are down 1.3% to $151.21.
Now read: In Case IBM Tumbles »
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