It’s embarrassing to have to say it about such a blue chip counter as IBM Corp, but when Shearson Lehman Brothers is saying that while it expects IBM to do only $4.70 a share this year, it expects a best-ever $11.25 a share next year – it did $9.80 in 1988, $6.47 in 1989, $10.51 in 1990 – and $10.77 in 1984 is the previous record – one has to suggest that IBM is no longer a stock that widows and orphans should tuck away: if Shearson’s right about the outturn for next year then the shares are incredible value at the current price of around $100, but we certainly wouldn’t want to bet the mortgage on it.
