Topeka Capital Downgrades Hewlett-Packard (HPQ) to Sell after 31% Bouce off Lows
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Price: $30.11 -3.8%
Rating Summary:
12 Buy, 23 Hold, 6 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
12 Buy, 23 Hold, 6 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Topeka Capital downgraded Hewlett-Packard (NYSE: HPQ) from Hold to Sell with a price target of $11.50 on valuation after the 31% run-up from the November 20th low and continued secular challenges.
"In less than a month, HP's stock has rallied 31% from the November 20th low to yesterday's intra-day high on what we believe is a combination of hope that a major shake up at HP is around the corner and short covering activity," the analyst comments. "Given the secular portfolio challenges we expect HP to face in the foreseeable future, combined with a soft spending environment, we believe investors should take advantage of this early holiday gift and take profits in the stock. As such, we are downgrading our investment opinion on HP to SELL from HOLD."
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 $14.21 yesterday.
"In less than a month, HP's stock has rallied 31% from the November 20th low to yesterday's intra-day high on what we believe is a combination of hope that a major shake up at HP is around the corner and short covering activity," the analyst comments. "Given the secular portfolio challenges we expect HP to face in the foreseeable future, combined with a soft spending environment, we believe investors should take advantage of this early holiday gift and take profits in the stock. As such, we are downgrading our investment opinion on HP to SELL from HOLD."
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 $14.21 yesterday.
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