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Julie Bhusal Sharma

Julie Bhusal Sharma is an equity analyst for Morningstar.

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IBM reported fourth-quarter results that beat CapIQ earnings consensus expectations--but top line performance weighed on overall results, as the company’s revenue came behind CapIQ consensus estimates. We maintain our fair value estimate of $125 per share for the narrow-moat name.

IBM continued to refrain from publishing an outlook for the quarter or full year, but we expect the final quarter will see strong sequential growth due to IBM’s seasonality despite another expected quarter of annual declines. We’ve also increased our expectations for the year, leading us to raise our fair value estimate for the narrow-moat name to $125 per share from $120.