http://247wallst.com/technology-3/2017/02/23/why-merrill-lynch-is-growing-incredibly-bullish-on-ibm/
"The firm gave this as its investment rationale:
'We view IBM as a defensive investment given its high exposure to recurring sales, cost cutting levers, solid balance sheet, potential share gains, and relatively stable margins. We believe IBM will embark on further cost cutting, and enhance its services and software offerings through acquisitions. Longer term, we expect IBM to take share in IT spending with its Cloud and AI initiatives. We believe 2017 will be the start of a turnaround in fundamentals.'"
-- We believe IBM will embark on further cost cutting. . .
Truer words were never spoken.