BMO Capital Cuts Estimates on Hewlett-Packard (HPQ); Environment Remains Challenged

BMO Capital maintains a 'Market Perform' on Hewlett-Packard (NYSE: HPQ) price target of $23.00.

Analyst, Keith Bachman, said, "Consistent with our preview, HP reported weak revenues in the July Q, and EPS was in line with the preannouncement, helped by better opex control and improved margins in Interpublic Group (NYSE: IPG)...we think broad-based declines in revenues across geographies and product lines, despite making EPS, will keep the stock range bound, despite the inexpensive valuation...We are raising our estimates modestly for FY2013 from $4.11 to $4.15, while our FY2012 EPS estimate is unchanged at $4.05."

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 $19.20 yesterday.

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