Jefferies Downgrades Hewlett-Packard (HPQ) to Underperform, Sees Another 18% Downside
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Price: $24.26 -2.41%
Rating Summary:
6 Buy, 21 Hold, 11 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 16 | New: 13
Rating Summary:
6 Buy, 21 Hold, 11 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 16 | New: 13
Trade HPQ Now!
Jefferies downgraded Hewlett-Packard (NYSE: HPQ) from Hold to Underperform with a price target of $14.00 (from $17.00).
"We continue to see cyclical and secular headwinds for HP's PC, services, and printer businesses," the analyst said. "Also, we believe HP will aggressively attack the smartphone and tablet markets, which we believe are risky investments."
Jefferies is Street-low FY13 EPS of $3.58 (St $4.22), and cut FY13 FCF estimate from $7B to $5.7B.
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 $17.11 yesterday, with a 52 week range of $16.23-$30.00.
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"We continue to see cyclical and secular headwinds for HP's PC, services, and printer businesses," the analyst said. "Also, we believe HP will aggressively attack the smartphone and tablet markets, which we believe are risky investments."
Jefferies is Street-low FY13 EPS of $3.58 (St $4.22), and cut FY13 FCF estimate from $7B to $5.7B.
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 $17.11 yesterday, with a 52 week range of $16.23-$30.00.
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