International Business Machines (IBM) is one of the world's leading cloud and data analytics providers. I am neutral on the stock. Lower IT Spending According to UBS analyst David Vogt, IBM will recognize lower IT revenue moving forward after its Kyndryl spin-off. Vogt claims that the Kyndryl spin-off leaves the stock overvalued and was quoted saying the following for his 9.7% price downgrade: "While some expansion was to be expected post the spin from the ~10x long-term average given an 'optically' better PF revenue outlook and margin profile, if [multiples] mean revert to ~10x, shares could fall 15-20%, below our base case.
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International Business M... (NYSE:IBM)
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