https://seekingalpha.com/article/4085521-will-ibm-trade-100-next-recession
Given IBM’s trailing four quarter sales of $79.3 billion and cash flow of $15.3 billion, we get a projected recession low valuation of $80 to $100 billion for market capitalization, all else being equal. With 948 million fully diluted shares reported at the end of March, a recession low stock value is estimated at $85 to $105 a share in the second half of 2017, into 2018.
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Warren Buffett appears to be getting nervous about his large IBM stake. He started selling around the $180 high price this year, and has liquidated at least one-third of his holdings since then. Mr. Buffett is concerned intense competition in each of IBM’s businesses will put pressure on revenues and profits going forward. If true, IBM may trade under $100 by 2018, no matter what the economic growth backdrop.