Remember: 1Q17 results announced on 4/18. . .
http://247wallst.com/investing/2017/04/08/credit-suisse-has-6-contrarian-stocks-that-could-fall-bigly/2/
"IBM
This blue chip leader has had a solid rebound over the past year. International Business Machines Corp. (NYSE: IBM) is a leading provider of enterprise solutions, offering a broad portfolio of IT hardware, business and IT services, and a full suite of software solutions. The company integrates its hardware products with its software and services offerings in order to provide high value solutions.
The shares have rallied big, and Credit Suisse feels that much of the excitement on the street may be unfounded as organic revenue declined last year. The report pointed this out:
While IBM guided earnings-per-share to $13.80, up 1% year-over-year, we believe that this may not be reliable metric given several factors. First, we believe it may embed a lower and possibly unsustainable low tax rate. For example in fiscal 2017 and 2018 we assume a tax rate of 11%/14% vs historical rate of 18%. Second, we assume IP revenues of $1.6 billion and $1.6 billion but see potential downside to this estimate – we believe given the nature of these sales, this may not be sustainable long term.
IBM shareholders receive a 3.24% dividend. The Credit Suisse price target is $110. The consensus target is $169.15, and shares closed Friday at $172.14."