汇丰银行提高利润率和估值，IBM成为焦点

2026-04-28 23:20

IBM (IBM) was in the spotlight as HSBC upgraded the tech giant to Hold from Neutral, citing improving margins and valuation.
“Non-GAAP operating margin came at 15.7%, +195bp y-o-y and c85bp above expectations,” analyst Stephen Bersey wrote in a note to clients, referencing IBM's most recent results. “Non-GAAP operating profit came at $2.505B, c7% above HSBCe and consensus. IBM has realized $4.5B of productivity savings since 2023 and expects another $1B in 2026e. The company maintained its previous 2026 guidance. It continues to expect 2026 constant currency revenue growth at more than 5% but emphasized software is likely to grow by more than 10% (previously by 10%), helped by earlier than expected closing of the Confluent acquisition. Non-GAAP PBT margin is likely to rise by about 1 pt y-o-y despite the margin dilutive Confluent acquisition.”
Bersey also noted that IBM's quantum computing business looks like it may offer first-mover advantage. “Management emphasized that the company remains on track to deliver the first, large-scale fault-tolerant quantum computer by 2029 and IBM’s partners will achieve the first examples of quantum advantage this year, leveraging IBM hardware.”

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