Wells Fargo Resumes Hewlett-Packard (HPQ) at Market Perform

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Wells Fargo resumed coverage on Hewlett-Packard (NYSE: HPQ) with a Market Perform rating and $19-$21 valuation range.

The firm sees "more material multiple expansion will be limited until there is better clarity to (1) recovery in HPQ's services and printing segments (combined accounted for about 67% of total FY2011 operating profit; (2) magnitude of the expected declines in services revenue (HP indicated it would be smaller but more profitable); and (3) margin ceiling potential due to reinvestments of any restructuring benefits."

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

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