NEW YORK (TheStreet) -- Shares of IBM (IBM) are down 14.5% in the past 12 months, but that isn't deterring Erin Gibbs, the equity chief investment officer of S&P Capital IQ, from liking the stock. 

The company is "actually doing pretty good at slowly shifting" from its legacy business, toward cloud and mobile services, she explained. 

IBM is expected to endure a long, but hopefully successful, restructuring under Project Chrome. The turnaround has been slow, but appears to be headed in the right direction. 

The share buyback and 2.75% dividend yield doesn't hurt either. IBM is a "really good value and a very profitable company," she added. 

IBM Chart
International Business Machines IBM data by YCharts

CenturyLink (CTL) is another company enduring a long turnaround process, but looks attractive on the long side. 

The company is losing landline customers as the shift to the modern era continues, but is boosting its revenue from increased broadband and TV subscriptions, Gibbs explained. 

The stock has an large dividend yield close to 5.75% and an "extremely attractive" valuation, she added. CenturyLink also buys back a lot of stock. 

Finally, Gap (GPS) is also attractive. While the company's Gap and Banana Republic brands have been struggling, its Old Navy and Athletica brands have been doing quiet well. 

As a result, Gap has hired two new managers to help spur growth for the struggling brands, Gibbs said. 

Gap also has a good share buyback program and attractive profits. It's an "all-around good value," she said. 

-- Written by Bret Kenwell 

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