1. Is IBM About To Take Off? Nomura Initiates IBM at 16.4% Upside
Nomura Instinet initiated IBM (IBM) with a Buy rating at a $160 price target, which translates to an upside potential of 16.38% upside to yesterday’s close! In a Nomura study released on Wednesday, analyst Jeffrey Kvaal stated that IBM is headed for “sustained” revenue growth due to cloud and lead sales tech turnarounds.
The brokerage fixed a “buy” recommendation and a $160.00 price objective on the technology firms shares. Nomura’s price target would suggest a possible increase of more than 16% and has caused IBM shares to edge 1.86% higher yesterday to close at $140.04.*
2. Gold On Track For The Worst
Gold edged slightly higher early Friday after slipping to a more than six-month low in the previous session. The yellow metal was last seen trading at 1251.90 as of 7:45 GMT just 0.05% higher than yesterday’s close. As the dollar softened from recent highs, the yellow metal stabilized after a major fall but it is still headed for its worst monthly performance since November 2016.**
3. Nike Added 10% After North America Sales Beat Estimates
Nike (NKE) added 10% in late U.S. trading yesterday as it posted stronger than expected FQ4 earnings and revenues and announced a new $15B buyback program. “Our new innovation is winning with consumers, driving significant momentum in our international geographies and a return to growth in North America,” CEO Mark Parker said in a statement. North America sales jumped 2.76%, easily beating analyst consensus for a 0.98% increase and caused NKE to skyrocket, the stock closed at $71.70 as investors sought to cash in the profits.***
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*Source: Seeking Alpha Jun. 28, 2018 3:56 PM ET
**Source: CNBC Jun. 29, 2018 3:56 AM GMT
***Source: Bloomberg June 28, 2018, 11:22 PM GMT+3