J.P. Morgan Reiterates Overweight Rating On IBM

According to J.P. Morgan, IBM IBM Overweight rating is reiterated. IBM said that it is establishing a Dec-12 price target of $205, versus its prior Dec-11 price target of $176. “We expect shares of IBM to remain upward biased. The company flexed the muscle of its diverse model with a broad-based beat for its June quarter, despite ongoing macro turbulence. Investors are likely to cheer upside in services signings, a continuation of at or above market growth in software, and a modestly improved 2011 EPS outlook.” J.P. Morgan closed yesterday at $175.28.