Investopedia: With Iffy Momentum, IBM Looks Expensive

For better or worse, IBM (NYSE:IBM) has finally gotten its due as a soup-to-nuts play on global IT spending. Unfortunately, that attention has pushed up multiples and driven a lot of the excess value out of the shares. While IBM remains a great stock to hold for the long haul, a combination of iffy near-term earnings momentum and stretched valuations could pressure the shares in the near term.

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