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IBM Posts Solid Fourth-Quarter Results; Software Continues to Drive Performance

publication date: Jan 20, 2012
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IBM's fourth quarter capped off a year of record earnings per share, revenue, profit, and free cash flow. Though revenue growth was modest during the period, we believe it was weighed down more by the timing of hardware product launches than any broad-based weakness. We'd be looking to pick up the shares if they fell below the lower bound of our fair value range.

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