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stock, IBM.
Morningstar Rating

Stock Research and Analysis

by Peter Wahlstrom, CFA

Bulls Say

Mainframes are still quite relevant and fairly popular in the financial services and telecom sectors. Increasing emerging-market investments will elongate the tail of the otherwise declining mainframe business.
IBM has been able to continually adjust its product portfolio to target the noncommodified portions of IT, enabling the company to generate healthy profits over the cycle.
IBM's $138 billion services backlog and existing relationships provide great insight into customer requirements, which benefits new product development and research initiatives. Read more 

Bears Say

The mainframe's addressable market faces secular headwinds as new virtualization technologies enable IT personnel to cost effectively deploy and manage workloads across collections of commodity x86 servers.
The ongoing shift to cloud computing is making large amounts of computing capacity available for rent on-demand and will reduce customers' purchases of IBM's high-end systems.
Customer appetite for multimillion-dollar IT systems was dampened by the economic downturn and is still subject to periodic macro swings. Read more 

Management

We view IBM's stewardship of shareholder capital as Exemplary. IBM's management team has capably navigated the secular trend toward distributed, open standards computing by diversifying its hardware platforms, broadening its software portfolio, and   Read more 

Profile

IBM is one of the largest IT companies with an array of offerings, including system hardware (14% of revenue), infrastructure software (25% of revenue), outsourcing, and   Read more 

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