Oppenheimer在IBM发布令人失望的第二季度初步业绩后，将该股评级从“跑赢大市”下调至“持股观望”，并撤回了此前350美元的目标价。此次下调发生在IBM遭遇至少自1968年以来最大单日跌幅之后——周二该股盘中一度暴跌26%，收盘跌25%，创下公司上市以来最大单日跌幅。

　　IBM公布的初步数据显示，第二季度营收为172亿美元，同比增长1%，远低于分析师预期的约179亿美元。调整后每股收益为2.93美元，同样不及市场普遍预期的3.01美元。各业务板块全线承压：软件业务收入增长5%，远低于Oppenheimer预估的12%；基础设施收入下降7%，降幅超过预期的5%；咨询业务基本持平。

　　IBM首席执行官Arvind Krishna在致投资者信中承认公司“执行不到位”，并将业绩缺口归因于多个因素：客户资本支出在6月下旬急剧转向服务器、存储设备和内存等硬件采购，以规避供应紧张和预期涨价带来的成本压力；与大型机相关的交易处理软件表现疲软；多笔大额交易在季末未能如期完成签约。

　　Oppenheimer分析师Param Singh在报告中指出，Red Hat、HashiCorp和Confluent等业务虽有亮点，但不足以抵消整体疲软。Singh认为，“多头逻辑需要更长时间才能兑现”，IBM要在2026年和2027年实现软件业务两位数增长面临较大挑战。

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