Auriga Maintains a 'Hold' on Hewlett-Packard (HPQ); What a Mess!

Auriga maintains a 'Hold' on Hewlett-Packard (NYSE: HPQ), lowers price target from $45 to $43.

Auriga analyst says, "HP reported a soft quarter, provided even softer guidance, announced they might spin off the PC business, announced they were definitely shutting down the tablet/smartphone business, and topped all this off by once again massively overpaying for an acquisition. Management acknowledged they need to fundamentally change the company, and clearly suggested things are likely to get worse at HP before they get better, so we continue to recommend avoiding the HP value trap, and thus maintain a Hold rating.

For more ratings news on Hewlett-Packard click here and for the rating history of Hewlett-Packard click here.

Shares of Hewlett-Packard closed at $29.51 yesterday.

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