All the Bad News at Hewlett-Packard (HPQ) May Not Be Out Yet - Analyst
Earlier, Mizuho Securities downgraded Hewlett-Packard (NYSE: HPQ) from Neutral to Underperform, moving its price target from $15 down to $8.
Mizuho's Abhey Lanba commented that all the bad news at H-P "might not be out yet," following disclosure of accounting fraud at Autonomy leading to an $8.8 billion charge.
Though Lamba says the announcement isn't surprising, the "timing and potential for fraud and misrepresentation by the previous management team at Autonomy is concerning. The analyst said any fraudulent information should have been uncovered earlier in H-P's review of business segments.
Lamba sees H-P's fiscal 2013 adjusted EPS outlook of $3.40 to $3.60 being at risk, implying a significantly back-end loaded year.
Tuesday afternoon, H-P is down 12 percent, bouncing slightly higher after hitting a new 52-week low of $11.35.
Mizuho's Abhey Lanba commented that all the bad news at H-P "might not be out yet," following disclosure of accounting fraud at Autonomy leading to an $8.8 billion charge.
Though Lamba says the announcement isn't surprising, the "timing and potential for fraud and misrepresentation by the previous management team at Autonomy is concerning. The analyst said any fraudulent information should have been uncovered earlier in H-P's review of business segments.
Lamba sees H-P's fiscal 2013 adjusted EPS outlook of $3.40 to $3.60 being at risk, implying a significantly back-end loaded year.
Tuesday afternoon, H-P is down 12 percent, bouncing slightly higher after hitting a new 52-week low of $11.35.