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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美银坚定看多IBM：目标价升至335美元，高利润软件与现金流成核心支撑\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-20 15:34 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.zhitongcaijing.com/content/detail/1394986.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美国银行证券分析师Wamsi Mohan发表研报，将IBM(IBM.US)目标价从315美元上调至335美元，同时维持“买入”评级。该行表示，IBM拥有强劲的自由现金流前景，同时高利润率软件业务占比提升，这将抵消短期面临的不利因素。在经历了强劲的2025财年后，美银分析师预计IBM将迎来较为平缓的一年，这主要是由于2025财年末业绩趋弱以及2026财年面临的若干挑战。分析师预测，在IBM于当地时间...</p>\n\n<a href=\"https://www.zhitongcaijing.com/content/detail/1394986.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bdc7472c280ee4af2ee0f797310d6b13","relate_stocks":{"159399":"现金流","BK4575":"芯片概念","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","BK4612":"AI芯片","BK4538":"云计算","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","BK4579":"人工智能","BK4588":"碎股","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","BK4134":"信息科技咨询与其它服务","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","LU1883839398.USD":"AMUNDI FUNDS INCOME OPPORTUNITIES \"A2\" (USD) ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","BK4543":"AI","IBM":"IBM","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4602":"量子计算概念"},"source_url":"https://www.zhitongcaijing.com/content/detail/1394986.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1166938086","content_text":"美国银行证券分析师Wamsi Mohan发表研报，将IBM(IBM.US)目标价从315美元上调至335美元，同时维持“买入”评级。该行表示，IBM拥有强劲的自由现金流前景，同时高利润率软件业务占比提升，这将抵消短期面临的不利因素。在经历了强劲的2025财年后，美银分析师预计IBM将迎来较为平缓的一年，这主要是由于2025财年末业绩趋弱以及2026财年面临的若干挑战。分析师预测，在IBM于当地时间1月28日公布2025财年第四季度财报时，人员结构调整措施可能导致税前利润率有所收窄。美银预计，第四季度人员结构优化相关支出将达约4亿美元，这可能使2025全年税前利润率扩张限制在约70个基点，低于管理层此前100个基点的指引。同时，较低的税率预计将部分抵消对每股收益的影响。展望2026年，美银预计IBM营收增幅将达到5%，增长动力主要来自软件业务的强劲表现，以及基础设施业务的温和增长。此外，收购Confluent(CFLT.US)的交易有望为公司2026年软件收入带来增量，但短期内可能会对公司盈利产生轻微稀释效应。“对于2026财年，IBM可能指引软件业务按固定汇率计算增长约10%，咨询业务实现低个位数增长，基础设施业务持平，整体按固定汇率计算的增长率约为5%(有机增长率约4%)。Confluent交易预计将于年中完成，我们预计将为软件收入带来约2%的非有机增长贡献。我们调整了2026财年预测数据，以反映约0.40美元的每股收益稀释，但对自由现金流影响甚微。我们预测2025财年自由现金流为140亿美元，预计2026财年指引将达150亿美元左右，保持130%的净收入与自由现金流比率。整体而言，鉴于人员结构优化及软件业务增长放缓，我们对第四季度持谨慎态度。但基于更高利润率的软件收入、强劲的自由现金流增长以及量子计算带来的潜在机遇，我们重申‘买入’评级，”美银在报告中总结道。","news_type":1,"symbols_score_info":{"159399":1.5,"IBM":1.5}},"isVote":1,"tweetType":1,"viewCount":143,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":109,"optionInvolvedFlag":true,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/523695069553736"}