UBS Starts Hewlett-Packard (HPQ) at Sell, Sees Continued Underperformance

UBS initiates coverage on Hewlett-Packard (NYSE: HPQ) with a Sell. PT $16.00.

The firm said shares will underperform until investors are convinced that the company is not in secular decline.

UBS said a break-up into enterprise and end user companies would make sense, and the sum-of-the-parts could be worth $27-$34. They said it would be interesting in an activist investor like Carl Icahn or Bill Ackman became involved.

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 $18.69 yesterday.

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