As noted earlier, Argus analyst James Kelleher downgraded IBM to Hold after its Q3 revenue miss, saying the company's growth prospects are "fading". The analyst notes that revenues have "flipped back to negative" while margin in key business segments have shrunk. Kelleher adds that even though the stock is trading at a discount, a Hold rating is "appropriate" until the company can show "consistent top-line growth, margin expansion, and earnings acceleration".

Evercore ISI is adding IBM (IBM) to the firm's "Tactical Outperform" list ahead of the company's March-end quarter results announcement on Wednesday April 24 as it expects the company to report revenue and EPS that are in-line to showing moderate upside compared to consensus estimates. Though there have been concerns surrounding the potential for weakness in Consulting given softness at Accenture (ACN), Evercore thinks recent macro and IT spending data points have been improving and Consulting momentum should continue, says the firm, which hsa an Outperform rating and $215 price target on IBM shares.