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Here's a summary of Yared's thinking: "The direction of both companies are at a variance to each other and Apple is certainly enjoying the strength of a major product cycle. My estimates for IBM for 2007/2008 revenues and earnings per share are $93 billion and $6.80 and $99 billion and $7.65 respectively. My estimates for Apple call for revenues of $24 billion and $3.52 and $29.5 billion and $4.05. So why is Apple going to be bigger than IBM?
"IBM is experiencing a slow to moderate growth phase in its development. The global computer and related services giant has an excellent reputation among its customer-base: well deserved. But IBM is stuck in the phase of 3-4% top line growth, defending its turf from erstwhile competitors and few new products in its pipeline. The upgrades to current products is always there, but it is factored into the revenue mix. An aggressive share buyback program and a recently raised dividend will keep IBM's stock value fairly elevated.
"Apple, although only about one-fourth the size of IBM in revenue terms, is growing aggressively. The marketplace will, and has rewarded that aggressive growth by lifting the shares nearly $50 these past two years. But Apple is just beginning."
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