Goldman Sachs maintained a Sell rating on Hewlett-Packard (NYSE: HPQ) and raised its price target to $25.00 (from $24.00). Comments follow Q2 results. Analyst Bill Shope called results "mixed."

"From an operating margin standpoint, printing delivered the most strength versus our model as the segment posted the highest margin in at least 10 years despite a 6% y/y decline in supplies revenue. HP guided to 3QFY2014 non-GAAP EPS of $0.86 to $0.90 vs. our estimate of $0.82 and consensus of $0.89. Importantly, HP once again expanded their restructuring program that was originally announced in FY2012. Management expects to reduce the workforce by an additional 11,000 to 16,000 positions which brings the total headcount reduction through the program to up to 50,000," noted Shope.

"Despite management’s ability to once again deliver in-line results, we maintain our Sell rating on our view that serial restructuring cannot solve HP’s secular challenges, particularly following years of underinvestment. Further, our concerns on the challenges facing many of HP’s businesses including technology services, servers, printing, and legacy outsourcing remain unchanged. We do, however, raise our estimates for FY2014/15/16 by 3%/3%/8% to factor in the impact of the expanded restructuring program. The company’s cash flow management also continues to impress, muting our bear case somewhat," he said.

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Shares of Hewlett-Packard closed at $31.78 yesterday.