Sterne Agee Downgrades Hewlett-Packard (HPQ) to Neutral, Albeit Reluctantly

Sterne Agee downgraded Hewlett-Packard (NYSE: HPQ) from Buy to Neutral.

"After careful consideration, we are reluctantly downgrading our rating on HPQ," analyst Shaw Wu states. "We are at a loss in identifying positive catalysts within a reasonable investment horizon and fear for further downside surprises as we believe the headwinds the company faces are likely structural and secular in nature. Also, in our sum-of-the-parts analysis, we see a bullish case scenario of $15 but more likely $10 taking into consideration a liquidity discount and decent return for a private equity buyer."

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 $14.94 yesterday.

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