实时全球研报
IBM (IBM US): Reduce: Impressive margin guidance but better value elsewhere
研报英文原文证据摘录
IBM (IBM US): Reduce: Impressive margin guidance but better value elsewhere
ch as the US, the EU, the UK, and others, may prohibit persons
subject to those laws from making certain types of investments, including by transacting or dealing in securities of particular
issuers, sectors, or regions. This report does not constitute advice in relation to any such laws and should not be construed as an
inducement to transact in securities in breach of such laws.
For disclosures in respect of any company mentioned in this report, please see the most recently published report on that company
available at www.hsbcnet.com/research. HSBC Private Bank clients should contact their Relationship Manager for queries
regarding other research reports. In order to find out more about the proprietary models used to produce this report, please contact
the authoring analyst.
Additional disclosures
1 This report is dated as at 24 July 2026.
2 All market data included in this report are dated as at close 22 July 2026, unless a different date and/or a specific time of
day is indicated in the report.
3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its
Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of
Research operate and have a management reporting line independent of HSBC's Investment Banking business.
Information Barrier procedures are in place between the Investment Banking, Principal Trading, and Research businesses
to ensure that any confidential and/or price sensitive information is handled in an appropriate manner.
4 You are not permitted to use, for reference, any data in this document for the purpose of (i) determining the interest
本摘录由系统从所标注的 PDF 证据页直接提取并保留英文原文,不做批量翻译;登录后在阅读器切换中文时才按需翻译。
打开研报阅读器