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Wells Fargo Downgrades IBM to Market Perform

Wells Fargo (WFC) downgraded IBM (IBM) on Thursday to market perform from outperform, citing its inability to significantly grow earnings.

The bank maintained its price target in the range of $170 to $175.

Big Blue reported earnings in April of $2.9 billion, or $2.31 a share, on sales of $24.6 billion.

The IT giant forecast 2011 earnings of at least $13.15 a share. Analysts polled by Thomson Reuters are expecting earnings of $13.20 a share.

Follow Jennifer Booton on Twitter at @Jbooton