Needham & Company Maintains an 'Underperform' on Hewlett-Packard (HPQ); Modest F2Q Beat

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

Analyst, Richard Kugele, said, "By HP’s own admission, they appear to be stabilizing the business, making solid progress in many areas, but haven’t turned the corner yet. Multi-year layoff more of a reallocation of resources and while we believe this is logical, it should take time for desired effect. With battles on multiple fronts amidst a potentially weakening macro picture we maintain our rating."

FY12 EPS estimate raised from $4.03 to $4.07 and FY13 raised from $4.89 to $4.97.

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 $21.08 yesterday.

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