《大行報告》大摩升IBM(IBM.US)目標價至186美元 維持「與大市同步」評級
摩根士丹利發表報告指,IBM(IBM.US)第四季收入符合預期,主要是基建強勁抵銷軟件和顧問業務表現遜色,其中軟件業務表現令人失望,但人工智能預訂數量升幅按季翻倍,而2024財年自由現金流達120億美元,是一個明顯的亮點。
展望2024年,該行料集團收入以固定匯率計算按年升3.8%至637億美元,計及毛利率按年收縮20個基點和具紀律的營運支出,推動每股盈測按年升4%至10.04元。
該行將IBM目標價由152元上調至186元,集團強勁的自由現金流指引是正面的,惟背後仍存在一些擔憂,加上估值相對昂貴,因此維持評級「與大市同步」。(ca/k)
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