Sterne Agee Maintains a 'Buy' on Hewlett-Packard (HPQ); Cutting Estimates and PT Ahead of Results

Sterne Agee maintains a 'Buy' on Hewlett-Packard (NYSE: HPQ) price target lowered from $34 to $31.

Analyst, Shaw Wu, said, "We anticipate light revenue but a meet or beat on EPS due to stabilizing PC market conditions. However, for its outlook, we believe expectations likely need to be lowered vs. consensus at $1.02 in EPS due to our checks of lower PC builds and cautious commentary from Cisco (Nasdaq: CSCO) about enterprise spending and Europe...We are modeling $29.4 billion in revenue and $0.91 in EPS vs. consensus at $29.9 billion and $0.91 in EPS."

"For the July quarter, we are now at $30 billion in revenue and $1.00 in EPS (from $30 billion and $1.02 in EPS) vs. consensus at $30.2 billion and $1.02 in EPS. For FY12, $120.9 billion and $4.00 in EPS (from $120.9 billion and $4.15 in EPS) vs. consensus at $122.4 billion and $4.04 in EPS and for FY13, $123.6 billion and $4.35 in EPS (from $123.6 billion and $4.60 in EPS) vs. consensus at $124.6 billion and $4.41 in EPS."

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 $21.46 yesterday.

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