IBM tumbles, but HashiCorp acquisition should create synergies: BofA

seekingalpha04-25

IBM (NYSE:IBM) tumbled 8% during early market trading Thursday after Big Blue had a big Wednesday with first-quarter financial results and the announcement of a $6.4B deal to acquire HashiCorp (NASDAQ...

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confirms HashiCorp deal IBM Non-GAAP EPS of $1.68 beats by $0.09, revenue of $14.46B misses by $80M","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","BK4579":"人工智能","IBM":"IBM","BK4588":"碎股","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","BK4534":"瑞士信贷持仓","BK4023":"应用软件","HCP":"HashiCorp, Inc.","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","BK4575":"芯片概念","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","BK4134":"信息科技咨询与其它服务","BK4585":"ETF&股票定投概念","BK4538":"云计算"},"translate_title":"IBM暴跌，但哈希公司收购应该创造协同效应：美国银行","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HCP":1,"IBM":1},"content_text":"IBM (NYSE:IBM) tumbled 8% during early market trading Thursday after Big Blue had a big Wednesday with first-quarter financial results and the announcement of a $6.4B deal to acquire HashiCorp (NASDAQ:HCP). \"HCP’s software suite provides provisioning, security and networking for public cloud environments and this will extend RHT’s capabilities for private cloud,\" said BofA Securities' analyst Wamsi Mohan and others in a note. \"HCP's growth has been declining; but, in our opinion, while the payback can be extended, IBM has the ability to drive cost synergies and drive rev growth across its larger customer base.\" BofA reiterated its Buy rating on IBM, but lowered its price target to $209 from $220. IBM's acquisition of HashiCorp for $35 per share, equaling an enterprise value of $6.4B, was a 42.6% premium to its closing price on April 22, according to BofA. The acquisition is expected to close by the end of 2024. \"The acquisition would offer IBM the opportunity to scale HashiCorp’s offerings with go-to-market strategies that span across 175 countries,\" Mohan noted. Meanwhile, Wedbush maintained its Neutral rating on IBM but raised its price target to $160 from $140.  \"While the company’s infrastructure segment has had a positive impact on overall growth rates, end of cycle dynamics are expected to result in weaker performance during 2HY24, while both Consulting and Software are expected to offset this weakness,\" said Wedbush analysts Moshe Katri and Spencer Lebov, in a note Thursday.   More on HashiCorp, IBM, etc.  HashiCorp: IBM's Big Deal? Cash In Now International Business Machines Corporation (IBM) Q1 2024 Earnings Call Transcript International Business Machines Corporation 2024 Q1 - Results - Earnings Call Presentation IBM stumbles as Q1 results miss expectations; confirms HashiCorp deal IBM Non-GAAP EPS of $1.68 beats by $0.09, revenue of $14.46B misses by $80M","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430286318"}