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.
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.
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.