JHVEPhoto International Business Machines Corporation (NYSE:IBM) provides integrated solutions and services worldwide. The company operates through four business segments: Software, Consulting, Infrastructure, and Financing. We have started covering the firm back in December 2022 with an initial "hold" rating, claiming that the valuation based on a dividend discount model showed limited upside potential. Later, in May 2023, we have reiterated this neutral view, arguing that the firm's profitability and  ...