BUZZ-Street View: IBM's software, consulting units to see growth ahead

Reuters04-25

** International Business Machines on Wednesday reported first-quarter revenue marginally below estimates and said it will buy HashiCorp in a deal valued at $6.4 billion, expanding its cloud-based software products to tap into an AI-powered boom in demand

** Shares down 8.6% at $168.25 in premarket trading

SUCCESS OF HASHICORP DEAL LIES IN SYNERGIES

** BofA Global Research ("buy," PO: $209) sees the acquisition of HCP being in line with IBM's focus on hybrid cloud and AI, and believes IBM can drive cost synergies and drive rev growth across its larger customer base

** Brokerage expects 2024 software business rev to grow slightly above the high-end of IBM’s mid-single-digit percentage model

** J.P.Morgan ("neutral," PT: $185) believes IBM's software and consulting businesses are set for a 'hybrid cloud' and 'digital transformation' growth ahead

** Evercore ISI ("outperform," PT: $215): "Focus now will be on how does IBM execute on revenue acceleration across both consulting and software segments"

** Jefferies ("hold," PT: $190) sees the HCP deal as a strategic asset and believes it should support IBM's software-first initiative

** However, brokerage says "concerns around the monetization of AI and the lack of a near-term catalyst keep us on the sidelines"

(Reporting by Reshma Rockie George in Bengaluru)

((Reshma.George@thomsonreuters.com))

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