International Business Machines Corp.
(NYSE:IBM) stock traded lower on Friday as investors reacted to another analyst price forecast cut, a broader technology sell-off and continued fallout from the stock's historic plunge earlier this week.
Analyst Price Forecast Cuts Add Pressure Investor sentiment weakened further after JP Morgan maintained its Overweight rating on IBM but lowered its price forecast to $250 on Friday.
The latest revision follows a series of analyst updates after IBM's disappointing preliminary earnings release earlier this week.
On Tuesday, Bank of America analyst Wamsi Mohan lowered his price forecast to $280 from $330 while maintaining a Buy rating, saying he was "surprised by the magnitude of the topline miss." HSBC, meanwhile, downgraded the stock to Reduce from Hold and cut its price forecast to $191.
