Credit Suisse analysts led by Kulbinder Garcha said there is little evidence that IBM has seen an inflection in fundamentals. In fact, the analyst said organic revenue declines have accelerated at down 5% this year versus down 1.8% in 2014 and down 1.2% in 2015. Garcha said revenue trends are worsening in 6 of 11 reporting segments, indicating broad based weakness. The analyst is concerned that margin pressure will result in free cash flow being revised down to as low as $10B over time. Garcha reiterates his Underperform rating on IBM and $110 price target.