“For more than a decade, IBM lived up to its reputation as a slow-growing, stodgy company,” says Richard Moroney. The editor of the blue chip advisory, Dow Theory Forecasts , contends, “But over the last 12 months, the picture changed. Strong operating momentum is now propelling genuine operational growth despite US economic weakness.

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“Acquisitions and cost cuts have accounted for most of IBM’s growth in recent years. In the 10 years ended 2006, sales increased at an annualized rate of less than 2%, and the company lost both market share and influence.

“However, sales growth has accelerated in each of the last three quarters, and per-share profi ts have risen at least 23% in each period. Consensus estimates, trending upward over the last month, project per-share-profit growth of 24% in 2008 and 11% in 2009. IBM is a Focus List Buy and a Long-Term Buy.

“A broad