Barclays Reviews IBM (NYSE:IBM), Apple (Nasdaq:AAPL), Ingram Micro (NYSE:IM)Western Digital (Nasdaq:WDC), Seagate (NYSE:STX), EMC (NYSE:EMC), Xerox (NYSE:XRX) and Lexmark (NYSE:LXK)

Barclays gave a review of companies in IT Hardware, covering IBM (NYSE:IBM), Apple (Nasdaq:AAPL), Western Digital (Nasdaq:WDC), Seagate (NYSE:STX), EMC (NYSE:EMC), Xerox (NYSE:XRX), Lexmark (NYSE:LXK) and Ingram Micro (NYSE:IM), as earnings season approaches.

Apple (AAPL) on January 18 - Strong Momentum in All Products: We recently raised our EPS estimates for Apple for F1Q11 thru FY12 due to prospects for higher Mac, iPhone & iPad sales. We also believe our gross margin forecast of 37% for C4Q could have potential for upside. Guidance is likely to remain conservative. Reiterate Overweight.

IBM (IBM) on January 18 - Strong Hardware, Subdued Signings: We see upside to EPS & 2011 guidance, but signings trends may mute some optimism. IBM will also shift to reporting results and guidance on an operating basis. Make sure you are ready.

Western Digital (WDC) on January 18 - Margins Improving: Our recent checks within the HDD industry indicate that industry trends have been improving throughout C4Q and indications for demand and pricing (C4Q and outlook into 2CQ 11) appear to be quite stable as HDD makers remain disciplined. WD margins could benefit. Reiterate Overweight.

Ingram Micro (IM) on February 10 - Solid Top Line: We believe IM will issue a positive 4Q report with potential for revenue upside & some EPS leverage. We would expect the stock to see support in the $19-$20 range at report (around estimated BV/TBV).

Seagate (STX) on January 19 - Buybacks & Some Stability: EPS could see upside as a result of margin upside & the recently announced $2B share repurchase program, which could amount to $300-$400 per quarter.

EMC (EMC) on January 25- Expecting Upside due to High-end Strength: Our checks indicate that EMC's 4Q10 may be tracking above the upper end of its guidance and could see a few cents upside given continued strong demand for its high-end & cloud offerings.

Xerox (XRX) on January 26 - Another Steady Performance: We believe Xerox is set to post modest upside to our $0.28 with solid cash flow, helped by share gains & cost controls. Given XRX raised 2011 guidance in C3Q, we do not look for any major change to outlook. Focus will likely be around plans for major share repurchase in 2H11.

Lexmark (LXK) on February 1 - Watching Europe: We believe LXK's 4Q10 EPS has potential upside to consensus of $1.11 (LXK guided $1.03-$1.13) w/support from a lower tax rate (extension of R&D credit). However, we wouldn't be surprised to see EPS guidance below the street for 1Q11 given typical conservatism & some weakness in Europe.