Thinking Through Anderon Quantum Foundry Announcement

Research evidence excerpt

Thinking Through Anderon Quantum Foundry Announcement

May 21, 2026

VALUATION METHODOLOGY

Our $310 Target Price is based on a ~23x CY27 PE valuation. We assess future earnings growth, operating margins, free cash

flow generation and returns on capital employed when determining whether a company is deserving of higher or lower multiples.

RISKS

1) A potential downturn in the global economy could reduce broader IT spend and reduce demand for IBM’s product/solutions suite,

2) Execution: IBM stock performance hinges on the company's ability to accelerate its revenue trajectory from current levels, 3)

Competition: Hyperscale service providers have been expanding product/service capabilities to better compete in the Hybrid IT

market, and 4) A stronger USD is a negative for IBM revenue.

COMPANIES UNDER COVERAGE BY AUTHOR

Price Evercore ISI

Symbol Company Rating (2026-21-05) Target

AAPL Apple Inc Outperform $297.84 $365.00

ACN Accenture plc Outperform $177.55 $250.00

ANET Arista Networks, Inc. Outperform $141.71 $200.00

APH Amphenol Corporation Outperform $121.72 $180.00

CDW CDW Corporation Outperform $104.04 $160.00

CIEN Ciena Corporation In Line $524.53 $330.00

CRWV CoreWeave, Inc. Outperform $103.77 $150.00

CSCO Cisco Systems, Inc. Outperform $118.88 $150.00

Cognizant Technology Solutions

CTSH Corporation Outperform $51.40 $70.00

DELL Dell Technologies Inc Outperform $238.03 $270.00

FFIV F5, Inc. Outperform $379.74 $475.00

HPE Hewlett Packard Enterprise Co. Outperform $33.00 $40.00

HPQ HP Inc In Line $20.92 $20.00

International Business Machines

IBM Corporation Outperform $222.75 $310.00

INGM Ingram Micro Holding Corporation In Line $25.72 $26.00

KRMN Karman Holdings Inc. Outperform $66.21 $100.00

MSI Motorola Solutions, Inc. Outperform $410.27 $525.00

NTAP NetApp, Inc.