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《Big Banks》 HSBC Research Cuts IBM (IBM.US) Rating to “Underperform,” Advising Investors to Switch to Investing in SAP, Accenture, Hewlett Packard, and IonQ

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HSBC Research has released a research report that downgrades IBM (IBM.US) from “Hold” to “Underperform” and cuts its target price from $231 to $191. In the report, the firm proposed an “Synthe​tic IBM” investment concept, saying investors can use the same amount of capital to build a portfolio similar to IBM’s business by investing in four stocks: SAP (SAP.US), Accenture (ACN.US), HP (HPQ.US), and IonQ (IONQ.US)—combining software, consulting hardware, and quantum computing into one investment portfolio. Based on HSBC’s estimates, the combined earnings per share of Synthetic IBM in 2030 could reach $23.15, about 40% higher than IBM’s $16.59, while the initial investment allocation for the quantum computing business in both cases is about 18%. The firm also noted that IonQ may have already overtaken IBM in terms of quantum computing order momentum: over the past five quarters, IBM has secured only about $100 million in new quantum computing orders, while IonQ has secured nearly $600 million. HSBC estimates IonQ’s cumulative lifetime orders at about $789 million, while IBM is above $1.1 billion; and the growth of SAP and Accenture is sustainable, whereas IBM’s growth depends on continued cost reductions. (gc/u)(US stocks are real-time streaming quotes; except OTC market stocks, data is delayed by at least 15 minutes.)
Related content: US June core inflation rose 0.0% month over month, below the prior value of 0.2%. The forecast was 0.2%.
IBM-25.23%
SAP-3.23%
ACN-2.84%
IONQ1.02%
HPQ-0.60%
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