Hardware: J.P. Morgan Ups Apple, IBM To Overweight; Cuts Dell, NetApp To Neutral; Lexmark To Underweight

J.P. Morgan’s new hardware analyst Mark Moskowitz this morning has rejiggered the firm’s ratings on the sector. Upgrades : He boosts both Apple (AAPL) and IBM (IBM) to Overweight from Neutral. Downgrades : He cuts Dell (DELL) and NetApp (NTAP) to Neutral from Overweight; he chops Lexmark (LXK) to Underweight from Neutral. Some excerpts from his reports this morning: IBM : “In uncertain times, we think that IBM offers long-term investors a sturdy ship to navigate the macroeconomic distress that could pressure IT spending conditions in the coming year. Set against this backdrop, we expect a flight to quality, and here, IBM is a highlight owing to its diverse revenues and annuity-based model.” Apple : “Apple’s model is far more diverse than previous vintages, and we think the staying power has been underappreciated. With its market share momentum likely intact, Apple in our view offers strong relative downside protection to the looming ... (link)