"Goldman Sachs analysts Bill Shope commented, “Our Buy rating on IBM has been largely based on our view that the company’s business model provides a unique source of counter-cyclicality during periods of volatile IT spending. Unfortunately, we believe that pressures on IBM’s growth markets and higher-margin revenue streams may intensify in the near term, weakening some of the key sources of IBM’s earnings and cash flow resiliency in coming quarters.”
Furthermore, Goldman Sachs lowered its 2013-2015 estimates on IBM. For 2013, Goldman now expects revenue and EPS to be $103.66 billion and $16.61, down from $104.44 billion and $16.71. For 2014, the firm sees revenues of $105.67, down from $106.73 billion, and EPS of $17.92, down from $18.10. For 2015, revenues are expected to be $108.12 billion, down from $109.21 billion, and EPS is expected to be $20.01, down from $20.07."
So Goldman now sees $20.01 down from its prior est. of $20.07 for 2015.