A monster company does not grow should be paying around p/e 8. It is at 11.9. Few more notches to go down. 150 seems right. It is just too too big. The titanic will not shink but need to trim fats. If no business, fix cost will drown them. Their business model is not resilient enough as other more agile consulting firm such as Deloitte that is seeming hiring school kidd to charge expert consulting rate to client ! I am not suggesting IBM to go that route, The layoff write down may not have completed yet. IBM does not seem to be able to attract cream of the crop any more due to their own out sourcing to India demise. When talents goes, so does the company.