Needham & Company Reiterates an 'Underperform' on Hewlett-Packard (HPQ); Guides Down F1Q & F12 On Macro Headwinds, HDD Shortages & Turnaround Expenses

Needham & Company reiterates an 'Underperform' on Hewlett-Packard (NYSE: HPQ).

Needham analyst says, "The task before HP today is daunting. How do you turn around one of the largest tech hardware companies in the world with a weakened balance sheet and a maligned corporate image all amidst a challenging macro-economic environment? Although the company continues to try its best to articulate its plan to be relevant and regain leadership, as Henry Ford said, “You can’t build a reputation on what you are going to do.” As we continue to see 12-24 months+ of restructuring, weak earnings, and soul searching, we reiterate our rating."

"...We believe there are far better opportunities with cleaner stories available for investors today (including Seagate (NYSE: STX), TTM Technologies (Nasdaq: TTMI) and SYNNEX (NYSE: SNX))."

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 $26.86 yesterday.

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