Is it time to believe in IBM? Toni Sacconaghi of Sanford C. Bernstein doesn't think so.
Shares of Big Blue fell sharply Tuesday after the company reported its worst quarterly revenue in 14 years.
"It is very difficult to make a bet on [IBM]… without really feeling confident that a turnaround is afoot," Sacconaghi said on CNBC's "Halftime Report".
The top rated tech analyst has been cautious on IBM for a while.
"Over the last five years, [IBM] has been declining at a relatively steady rate, and a little bit worse this quarter," he added.
Sacconaghi has a market perform rating and $135 price target on IBM.