IBM Defies Recent Decline Despite Benchmark Lag

International Business Machines (IBM) shares have seen a significant decline of about 16% since mid-June, underperforming the benchmark by a wide margin.

Despite this drop, the author sees no structural problems with IBM and maintains an unchanged rating. The thesis focuses on IBM's relative value, institutional support, and lack of fundamental deterioration.

The author points out strong institutional demand and undervaluation, suggesting potential for multiple expansions in the company. This implies that despite the recent decline, the fundamentals of the business remain intact.