IBM implications -- security, cloud, analytics & mobile data continue to shine - Oppenheimer
Oppenheimer's recent channel checks are consistent with IBM's positive security software commentary. CHKP, PANW, FTNT and FEYE are all beneficiaries. IBM's view could also explain some of IMPV's 1Q competitive headwinds as the former goes down-market to capture share. IBM invested in security through M&A (Q1Labs, Trusteer) -- they expect more to come.