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Is IBM the Corporate Version of Apple?
CNBC.com | February 07, 2012 | 04:23 PM EST

With a trifecta of revenue streams, one analyst on Tuesday called IBM the corporate version of Apple.

“When you look at the IBM business model, they’re about packaging hardware, software and services and making it work together. They do it on the enterprise side, very similar to what Apple does on the consumer side,” Sterne Agee technology analyst Shaw Wu said on “Fast Money.”

Wu initiated a “buy” rating on the stock and a price target of $230 per share, which he said was based on a 13½ multiple of calendar 2013 EPS at $17.

IBM shares closed at $193.35 per share, up 0.3 percent.

Although 58 percent of IBM’s revenue comes from outside the United States, Wu sounded bullish on the company’s prospects abroad.

“Asia is slowing down but still growing faster than rest of the world,” he said. “We actually see Asia as a whole as a high-growth market.”

Wu said he preferred IBM, which has expanded from hardware to software, over a company like Oracle, which has moved in the opposite direction.

But from Wu’s perspective, it was a focus on customer service that set IBM apart from its competitors, much like Apple.

“IBM is one of the few companies, in our view, that really understands that for the enterprise space,” he said.

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