Barclays on U.S. IT Hardware: Cutting Estimates Given Currency and Macro Headwinds

June 11, 2012 1:52 PM EDT Send to a Friend
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Barclays on U.S. IT Hardware: Cutting Estimates Given Currency and Macro Headwinds

Analyst, Ben A. Reitzes, lowers price targets and estimates on several firms, citing weakness in Europe and the currency impact that's riding along with that. Reitzes also take note of some predictably slowing sales ahead of key market cycles. He sees several firms feeling secular pressure on PCs and printers and feels several quarterly reports from these cpmpanies will be back-end loaded, with hopes of big ticket item sales and software deals giving a push.

For Dell (Nasdaq: DELL), Barclays lowers its price target from $16 to $14, FY12 EPS estimate from $1.85 to $1.82 and FY13 from $1.80 to $1.75.

On EMC, (NYSE: EMC), price target lowered from $36 to $34, FY12 EPS estimate from $1.74 to $1.72 and FY13 from $2.01 to $1.99.

Hewlett-Packard (NYSE: HPQ), PT cut from $26 to $25, FY12 from $4.05 to $4.04 and FY13 from $4.25 to $4.20.

IBM (NYSE: IBM), PT lowered from $217 to $208, FY12 from $15.08 to $15.05 and FY13 from $16.66 to $16.58.

Ingram Micro (NYSE: IM), PT lowered from $20 to $19, FY12 EPS estimate cut from $2.02 to $1.96 and FY13 from $2.20 to $2.15.

Tech Data (Nasdaq: TECD), PT lowered from $54 to $53, FY12 EPS estimate lowered from $5.70 to $5.61 and FY13 from $6.10 to $5.98.

Xerox (NYSE: XRX), PT maintained at $9, but FY12 EPS estimate lowered from $1.13 to $1.11 and FY13 from $1.23 to 1.21.


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