Reuters: Technology News: IBM earnings miss points to poor quarter in hardware sector: analysts

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IBM earnings miss points to poor quarter in hardware sector: analysts Apr 19th 2013, 11:45 Tweet Share this Email Print Related News IBM misses estimates, blames weak sales and weaker yen Thu, Apr 18 2013 Wall Street gains 1 percent, lifted by gold, earnings and data Tue, Apr 16 2013 F5 shares fall on worries of slowdown, market share loss Fri, Apr 5 2013 HP shakeup points to more "shareholder friendly" board Fri, Apr 5 2013 HP shares sink after Goldman Sachs downgrade to ''sell'' Tue, Apr 2 2013 Analysis & Opinion Potemkin Dell fight would have optical merits Counterparties: Dude, you're getting a bidding war The IBM logo is seen outside the company's offices in Petah Tikva, near Tel Aviv October 24, 2011. Credit: Reuters/Nir Elias Fri Apr 19, 2013 7:45am EDT (Reuters) - Three brokerages cut their price targets on IBM Corp shares and warned its weak earnings suggested results would also be disappointing at other hardware technology companies such as EMC Corp, Dell Inc and HP Co. IBM's shares were set to open 1.5 percent lower on Friday than their Thursday closing price of $207.15 on the New York Stock Exchange. IBM posted on Thursday a rare quarterly earnings miss as a sliding yen hurt earnings from Japan and it failed to close a number of major deals, especially in Europe and the United States. "The IBM miss is a decidedly negative read through for the entire IT hardware segment and we are incrementally more cautious on the sector; particularly those with a March quarter end," Deutsche Bank analyst Chris Whitmore wrote in a note. He cut his price target on the stock to $225 from $240. JP Morgan analyst Mark Moskowitz named NetApp Inc, Lexmark International Inc, Xerox Corp, Brocade Communications Systems Inc, Emulex Corp, QLogic Corp, Seagate Technology PLC and Western Digital Corp as the other hardware names at risk. EMC and Xerox are scheduled to report results next week, while Dell and HP will report in May. BMO Capital Markets analyst Keith Bachman said IBM will have to step up its software acquisitions to improve revenue performance and EPS growth. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Supriya Kurane) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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