IBM could be in for price pressure for a long time. At this point it does look like Goldman is right.
Earnings in Q2 should be good given the CFO's comments.
Goldman downgraded IBM about a week before Q2 earnings in July 2009 and the stock dropped down to just below $100 and then within a few days after earnings the stock shot up to $115 and never looked back. I remember it well because Goldman scared me out and I bought back in $115 - $118.
Hope it works out this time -- but it looks like it will take longer to get back to an upward slope this time. If IBM's outlook isn't good it will get a few downgrades.