Jefferies Downgrades Hewlett-Packard (HPQ) to Hold

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Jefferies upgraded Hewlett-Packard (NYSE: HPQ) from Buy to Hold with a price target of $23, down from $30.

The firm comments, "Despite HP's solid position in cloud computing and its recently announced cost cuts, we believe most of HP's businesses will be challenged in the near to medium term. Specifically we think tablets will hurt PCs (and Windows 8 will not help), smartphones will hurt printers, and European uncertainty will hurt enterprise IT spending."

Jefferies cut FY12 EPS estimates from $4.07 to $4.04.

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 $22.68 yesterday, with a 52 week range of $20.57-$37.70.

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