Melius Research：将IBM(IBM.N)目标价从350美元上调至375美元。 本文源自：金融界AI电报 ...

Melius Research：将IBM(IBM.US)目标价从350美元上调至375美元。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月5日，IBM盘前涨近1.5%。 ...

| IBM IBM Corp | | O | | --- | --- | --- | | 291.500 ↓ -4.710 -1.59% | | 收盘价 01/02 16:00 美东 | | 295.680 + 4.180 +1.43% | | 盘前价 01/05 04:22 美东 | | 一 24 24 4 8 8 8 8 8 0 | | ● 快捷交易 | | 最高价 297.570 | 开盘价 297.560 | 成交量 466.28万 | | 最低价 289.000 | 昨收价 296.210 | 成交额 13.6亿 | | 平均价 291.717 | 市空率 34.78 | 总市值 2724.75亿( …) | | 振 幅 2.89% | 市盈率(静) 45.33 | 总股本 9.35亿 | | 换手率 0.50% | 市净率 9.764 | 流通值 2718.56亿 | | 52周最高 324.900 委 比 72.22% | | 流通股 9.33亿 | | 52周最低 209.205 量 比 1.49 | | 色 手 1股 | | 历史最高 324.900 股息TTM 6.700 | | | | ...

杰富瑞发表报告，建议投资者维持软件类股的减持比例，因增长动能减缓且落后于半导体等其他产业。 该行认为2026年将是人工智能逐步实现商业化的又一年，需更显著的增长贡献与加速表现才能缓解市场 对AI去中介化的担忧，因此投资策略需更具选择性。 该行首选股方面，巨型股为微软、META；大型股为Intuit、Atlassian Corporation、甲骨文；中型股为 Procore、Unity、Wix.com；小型股为Upwork。 在软件子领域中，该行上半年偏好基础设施而非应用程式，但认为普遍看淡应用程式的市场情绪与现实 脱节，预期下半年应用程式情绪将转好。该行将IBM评级由"持有"上调至"买入"，目标价由300美元上 调至360美元，并将Adobe评级由"买入"下调至"持有"，目标价由500美元降至400美元。 ...

Core Insights - IBM is a global technology leader focusing on cloud computing, AI, and quantum computing, competing with major players like Microsoft and Amazon [1] Financial Performance - Jefferies set a price target of $360 for IBM, indicating a potential increase of 23.5% from its current price of $291.50 [2] - IBM's stock has surged by 33% over the past year, outperforming competitors Microsoft and Amazon, which gained 14.2% and 2.9% respectively [2][6] - The overall industry growth stands at 79.1%, highlighting IBM's strong performance relative to its peers [2] Strategic Initiatives - IBM's growth is bolstered by strategic acquisitions, such as HashiCorp, aimed at enhancing its AI and multi-cloud infrastructure tools [3] - The company is advancing in quantum computing with a new quantum processor and collaboration with Cisco on quantum networking technology [3] Quantum Computing Leadership - IBM is recognized as a leader in quantum computing, with a roadmap to achieve significant milestones in the next decade [4] - The company is nearing $1 billion in cumulative signings related to quantum computing and collaborates with hundreds of partners [5] - IBM's efforts in quantum computing are expected to lead to advancements in various industries, addressing challenges like error correction [5]

杰富瑞：将IBM(IBM.US)评级从"持有"上调至"买入"；将目标价从300美元上调至360美元。 ...

Core Viewpoint - The article discusses the legacy of Louis Gerstner, the former CEO of IBM, who transformed the company from a struggling giant into a profitable entity during his tenure from 1993 to 2002, emphasizing the importance of strategic decision-making and organizational agility in large corporations [3][5][20]. Group 1: Gerstner's Background and Challenges - Louis Gerstner, with no prior technology experience, took over IBM when it was facing severe financial difficulties, with stock prices plummeting to $13 and losses reaching $81 billion in 1993 [5][6]. - Under Gerstner's leadership, IBM's stock price rose from $13 to $80, and the company's market capitalization increased from $29 billion to $168 billion [5][6]. Group 2: Strategic Decisions - Gerstner made a bold decision to drastically reduce the prices of IBM's S/390 mainframe systems, cutting prices by up to 96%, which revitalized sales and led to a profit of $3 billion in 1994 [9][10]. - He recognized the shift towards network-centric computing and initiated acquisitions, such as Lotus Software, to pivot IBM towards a service-oriented model [9][10]. Group 3: Organizational Reforms - Gerstner identified IBM as a bureaucratic fortress and initiated a ten-year overhaul to streamline operations, consolidating various departments into functional modules [11][12]. - His reforms included selling off underutilized assets, which saved $12 billion, and exiting unprofitable businesses, such as the personal computer division [14][16]. Group 4: Influence on Other Companies - Gerstner's management philosophy influenced other tech companies, notably Huawei, which adopted IBM's organizational principles under Ren Zhengfei's leadership [19][20]. - His approach emphasized customer-centricity and agility, demonstrating that large organizations can maintain responsiveness while leveraging their scale [20][21].

Core Insights - The article commemorates the legacy of former IBM CEO Lou Gerstner, highlighting his pivotal role in revitalizing IBM during a period of significant crisis [1][2]. Management Philosophy - Gerstner emphasized management by principles rather than procedures, advocating for quick actions and open communication [3][4]. - He believed in reducing bureaucratic processes and fostering direct communication among employees to solve problems effectively [4][5]. IBM Management Principles - The company must focus on customer service as a primary driver of success, with technology as its core advantage [8][9]. - Gerstner stressed the importance of quality, competitive strategy, teamwork, and ethical responsibility in business operations [7][8]. Corporate Transformation - Transforming intentions into practical reforms is challenging, requiring acknowledgment of crises and swift action to address issues [19][20]. - Successful reform necessitates a leadership style that actively engages in the reform process rather than delegating it [21]. Corporate Culture - Gerstner viewed corporate culture as the DNA of the organization, essential for long-term success [22]. - He aimed to empower employees to believe in their capabilities and foster a culture of collaboration and innovation [23]. Execution - Effective execution of strategy is crucial, requiring measurable goals and accountability [26][27]. - High-performance execution is characterized by speed and adaptability, surpassing competitors in implementing strategies [26][28]. Business Philosophy - A successful company must maintain a strong market-oriented approach and ensure all employees work towards unified goals [28][29]. - Gerstner highlighted the importance of understanding customer needs and competitive environments to inform strategic decisions [29][30].

Core Insights - Quantum computing is emerging as a transformative force across various industries, particularly in finance and digital banking, with IBM leading the charge in its development and application [1][4][9] Quantum Computing Fundamentals - Unlike traditional computers that use binary bits, quantum systems utilize qubits, which can exist in multiple states simultaneously due to superposition, and are interconnected through entanglement [2] - Quantum computing enables faster and more accurate calculations for complex problems, marking the current phase as the "era of quantum utility" where practical applications are being realized [3] IBM's Roadmap and Milestones - IBM is focused on achieving "quantum advantage," where quantum computers will consistently outperform classical systems on real-world tasks, with key milestones including the Nighthawk and Loon processors aimed at increasing qubit counts and stability [4] - A significant breakthrough is expected with the Starling processor in 2029, which will provide fault-tolerant quantum computing through advanced error correction [5] Data Security Concerns - Future quantum computers pose a risk to data security by potentially decrypting information that classical systems deem unbreakable, necessitating the implementation of "quantum-safe algorithms" to protect sensitive data [6] Applications in Various Industries - Quantum computing has vast potential applications, particularly in finance for optimizing tasks like pricing derivatives and managing portfolios, as well as in materials science for accelerating discoveries in drug design and battery technology [7] - The integration of quantum computing with artificial intelligence could lead to innovations in risk management and industrial processes, emphasizing the need for tailored roadmaps for organizations [8] Call to Action - Stakeholders are urged to invest in education, infrastructure, and security measures to leverage quantum computing's capabilities, as the era of quantum utility presents opportunities for early adopters to gain a competitive edge [9][10]