-- 独立研究机构CFRA向发布了以下研究报告。CFRA分析师总结如下：我们将IBM的目标股价下调37美元至296美元，市盈率为23倍（基于2026年预期每股收益），高于IBM三年平均市盈率（约20倍），主要受人工智能利好因素和软件业务增长的推动。我们将2026年预期每股收益上调0.07美元至12.86美元，并将2027年预期每股收益上调0.03美元至13.90美元。第一季度业绩对人工智能竞争威胁的反应喜忧参半。空头将关注软件业务（不计汇率影响）增速从第四季度的11%放缓至8%，尽管Confluent的收购提前完成（为软件业务增长带来约50个基点的提振），但该业务板块2026年的预期增速仅略微从10%提升至10%以上。 一些分析师对咨询业务的预期更高，并指出其1%的销售增长较为温和，这表明新兴人工智能工具给COBOL现代化带来了压力。我们则持更为乐观的态度，认为咨询业务的业绩具有韧性，尽管宏观经济持续承压，但销售额和签约量均保持增长，预计2026年增长率仍将接近5%。软件方面，年度经常性收入（ARR）再次同比增长10%（与前期持平），红帽业务也令人鼓舞地从第四季度的8%反弹至10%。
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Petro Rabigh Emerges From Loss in Q1; Revenue Grows
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
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