The stock looks to have become tradable again, as structure begins to form. The true negative from last nights quarter was the lack of growth for free cash flow. With that, opportunity.
IBM has been pushing a lower-end trailing multiple trading range, but it only stays near 10-11 briefly.
Guidance was for 15.75-16.25 for 2015. Assuming a 10 PE, the stock, at a minimum, can trade between 157-162. Decent upside, for a minimum expectation.
Technically, the time to enter appears now, or just under 151. (Already own it for a IRA account, sitting for the dividend and turn around. Gonna trade it for the fund if it breaches 151, hoping for a flush.)
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