"Spoke to some guys at the Las Vegas iformation tec conference a month ago. They said 2015 is the seachange date for IBM"
I have followed IBM since 1997 through all the big changes. IBM has built a model that has become very predictable -- a big reason why IBM's share buyback program has been so successful.
I expect IBM to remain highly predictable -- it should earn $20 of operating EPS in 2015. I don't believe IBM's earnings will rocket one way or the other -- slow growth helped by the big R&D always underway.