Needham & Company Reiterates an 'Underperform' on Hewlett-Packard (HPQ); Laundry List Of Areas Needing Repair
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Rating Summary:
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Today's Overall Ratings:
Up: 9 | Down: 12 | New: 13
Rating Summary:
6 Buy, 21 Hold, 11 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 9 | Down: 12 | New: 13
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Needham & Company reiterates an 'Underperform' on Hewlett-Packard (NYSE: HPQ).
Analyst, Richard Kugele, said, "We are deeply troubled by the events at HP and within the broader PC landscape. In our view, these issues include: 1) macroeconomic headwinds weighing on IT spending (and expected to continue "well into F13"); 2) a fundamental shift in printing habits, impacting IPG; 3) a once-strong services business that is seeking to recreate former pricing power; 4) a PC business struggling to find a place in the new tablet/ultrathin world while fighting off bottom-feeders; and 5) making lemonade out of the lemon Autonomy acquisition. We believe any of these issues would warrant a Hold rating until repaired." (FY13 EPS estimate lowered from $4.97 to $4.56)
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 $19.20 yesterday, with a 52 week range of $17.41-$30.00.
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Analyst, Richard Kugele, said, "We are deeply troubled by the events at HP and within the broader PC landscape. In our view, these issues include: 1) macroeconomic headwinds weighing on IT spending (and expected to continue "well into F13"); 2) a fundamental shift in printing habits, impacting IPG; 3) a once-strong services business that is seeking to recreate former pricing power; 4) a PC business struggling to find a place in the new tablet/ultrathin world while fighting off bottom-feeders; and 5) making lemonade out of the lemon Autonomy acquisition. We believe any of these issues would warrant a Hold rating until repaired." (FY13 EPS estimate lowered from $4.97 to $4.56)
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 $19.20 yesterday, with a 52 week range of $17.41-$30.00.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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