Tech Giants IBM and Uber Upgraded as Apple and Harley-Davidson Face Downgrades

Several tech companies have seen analyst upgrades and downgrades in recent days. IBM (IBM) received an upgrade from Dhierin Bechai, who cited a valuation reset and improving growth estimates. The company's recurring software revenue remains robust at 80% of annual software sales, while annual recurring revenue has increased by 8% to $24.6 billion.

Uber Technologies (UBER) also saw a double upgrade from PropNotes, which highlighted the company's de-risked outlook and attractive valuation at six times gross profit. The analyst noted that network effects and logistics technology position Uber as the primary beneficiary even in an autonomous vehicle-dominated future.

However, Apple (AAPL) faced skepticism over its lofty 38x forward P/E valuation, with one analyst questioning the risk/reward proposition. Johnny Zhang, CFA, expressed concerns about the stock's high price-to-earnings ratio and questioned whether it can justify such a high valuation.

Harley-Davidson (HOG) also saw a downgrade from Seeking Profits, which noted that despite balance sheet improvements, macro pressures and Fed rate-hiking cycles outweigh self-help measures. The analyst expressed concerns about the company's association with America and potential trade conflicts.