Wells Fargo Downgrades IBM to Market Perform

Wells Fargo (NYSE:WFC) downgraded IBM (NYSE: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.