Barclays Adjusts Estimates and PT on Hewlett-Packard (HPQ): The Best Seat In The House...The Sideline

Barclays maintains an 'Equalweight' on Hewlett-Packard (NYSE: HPQ) price target of $21.00 (from $22.00).

Analyst, Ben Z. Reitzes, said, "While HP is set to benefit from cost cutting, the commentary around channel inventories in PC's and supplies raises some concerns. HP made progress in cash flow but larger severance payments & the need to lower channel inventories, cash generation may be sub-seasonal into FY13. HP is not citing a pause ahead of Windows 8 (Nasdaq: MSFT), but cites significant macro & incremental execution challenges."

Reitzes leaves Q4 EPS estimate at $1.13, but lowers revenues from $31.2B to $30.7B. For FY12, EPS estimate is raised from $3.99 to $4.03, but revenues are lowered from $121.6B to $121.1B. FY13 EPS estimate is lowered from $4.09 to $4.04 and revenues cut from $119.1B to $118.2B.

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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