Bottom Line
Presently, recurring net earnings have collapsed, financial leverage remains elevated, and
management continues to struggle with its business strategy, as evidenced by the dialogue on
the Q3 2020 conference call. Perhaps with the spinoff management will be able to offload debt
and focus their attention on what they describe as "the $1 trillion hybrid cloud market
opportunity." On balance though, there's no reason to be bullish unless the company can
demonstrate a real, consistent improvement in top line growth or if shares become significantly
cheaper, i.e. below $100/share. The silver lining is that the 5.8% dividend yield is approaching its
last peak level exhibited in March, so it may gain some support from the income investor crowd.
So the gaoll is to drive the share price $100: it's almost there.
https://seekingalpha.com/article/4382129-ibm-aggressive-promises-shares-remain-unattractive