"Where the action is, where the growth is, where the margin is, IBM unfortunately is not," Egan said. "They have some difficulty positioning themselves properly and they need some attention."
Egan-Jones is a Nationally Recognized Statistical Ratings Organization (NRSRO) and is recognized by the National Association of Insurance Commissioners (NAIC) as a credit-rating provider.
According to Egan, IBM's "wealth destruction" has been in the area of $28 billion due to its lack of revenue growth.
Shares of IBM are up almost 4% so far this year, and yet have fallen about 9% during the past 12 months, compared with an 8% gain for the Standard & Poor's 500 Index.
Harley-Davidson (HOG) may also be at the end of the road in Egan's view because of the motorcycle maker's "tepid growth, peer-underperformance and miserable total shareholder return," adding that "it's a fantastic brand but they are losing their core customer base, and that's the baby boomers."
Shares of Harley-Davidson are down 17% year-to-date and about 21% during the past 12 months.
Egan said CEO Matt Levatich's compensation of $9 million is a good indication that the company's cost structure is bloated.
Finally, Egan said the strategic positioning of casino powerhouse Wynn Resorts (WYNN) needs to be upgraded lest the company see its rating slashed.
"One of their primary assets, that is Macau, revenues are down significantly because of a change in policies by the Chinese government making it more difficult for people to access that market," Egan said.
Egan called the controversy concerning Elaine Wynn's board service is a "distraction". He said the larger issue is the age and lack of diversification on the board which makes introspection difficult. Egan also pointed out that the one-year growth in CEO Steve Wynn's total compensation of 29.2% is much higher than the 0.1% rise in earnings per share.
Shares of the casino operator have fallen 31% so far in 2015 and 48% during the past 12 months.