Wall Street Zen downgraded International Business Machines (NYSE: IBM) from a "hold" to a "sell" rating on Saturday. This action adds to recent bearish analyst sentiment.
The downgrade follows a tumultuous week for the technology giant. IBM's stock plummeted roughly 25%. This marked its largest single-day drop in decades. The drop occurred after IBM issued a disappointing preliminary Q2 revenue forecast.
IBM's lower-than-expected revenue figures prompted a widespread reassessment of its growth prospects. The broader analyst consensus for IBM remains a "Moderate Buy." However, the Wall Street Zen downgrade reflects growing caution.
This action occurred during a period of significant market volatility. Volatility was particularly noted within the technology and AI sectors.