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The Vetr crowd on Thursday downgraded its rating on International Business Machines Corporation (NYSE:IBM) from 3.5 stars (Buy), issued 56 days ago, to 3 stars (Hold). Crowd sentiment at the time of the downgrade was generally cautious, with 70 percent of Vetr user ratings bearish.
The Vetr downgrade comes a day after the tech company reported better-than-expected Q3 earnings. IBM posted $19.153 billion in sales over the previous three months, topping analyst estimates by more than 3 percent.
Shares of IBM jumped 10 percent to a high of $161.15, and maintained near that level a day later. IBM closed Thursday's session at $160.90, up slightly from Wednesday's close.
See how crowdsourced ratings could help you time the market.
Currently, the Vetr crowd's average price target on IBM is down at $160.68, which is below the average analyst price target of $166.05. Less than 2 percent of Vetr users are holding IBM in their watch-lists.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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