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IBM stock’s bounce could be short-lived

IBM (NYSE:IBM) stock is fresh off three-straight weeks of losses, after the broader market’s last selloff. Today, the security is pushing off familiar support at the $118 area, up 2.5% at $121.71 at last check. This bounce may be short-lived, however, as IBM just landed at the top of Schaeffer’s Senior Quantitative Analyst Rocky White’s list of worst 25 stocks to own in October, going back 10 years. 

IBM Oct 3

According to White’s data, the equity has seen negative one-month returns 90% of the time, averaging a 7.1% loss for that period. Topping the list, IBM is the only name to see monthly losses nine times out of ten in the last decade. From the stock’s current perch, a move of similar magnitude would put it just above $113 — an area it hasn’t touched since February 2021. 

Worst of October

Analysts lean bullish on IBM stock, leaving plenty of room for downgrades and or price-target cuts moving forward. Of the nine analysts in coverage, five carry a “buy” or better rating. Plus, the 12-month consensus price target of $142.68 is a 17.1% premium to current levels. 

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Image and article originally from www.schaeffersresearch.com. Read the original article here.

By admin