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Stock Analyst Update

Our take on the latest news affecting the market's biggest stocks.

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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.

We’re hoping that fourth quarter results will show a bottom for net interest income, and that a gradual recovery in fees will continue for Wells. Regarding expenses, management said it will give more details on the next call. After updating our projections with the latest results, we are decreasing our fair value estimate to $45 per share from $46.