Jefferies Sees Solid Upcoming Q1 Results from HP (HPQ)

February 15, 2012 8:22 AM EST
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Price: $14.68 -0.61%

Rating Summary:
    13 Buy, 23 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 9
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Jefferies commented on Hewlett-Packard (NYSE: HPQ) ahead of Q1 results on February 22nd, after the market closes. The firm sees a solid quarter.

The analyst states, "We believe both Dell (Nasdaq: DELL) and HPQ had solid quarters relative to their guidance due to: 1) limited HDD impact; 2) data center demand helping their enterprise businesses; 3) Okay service bookings. The worst-case scenario of a substantial CQ1 HDD shortfall now appears unlikely. We expect relatively optimistic guidance from Dell and HP."

Jefferies maintained a Buy rating and $35 price target on HPQ. The firm's Q1 EPS estimate remains at $0.89, just above the consensus of $0.87.

For an analyst ratings summary and ratings history on Hewlett-Packard click here. For more ratings news on Hewlett-Packard click here.

Shares of Hewlett-Packard closed at $29.08 yesterday.

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