UPDATE: Bank of America Lowers PO on Hewlett-Packard to $31

A report from Bank of America reiterates its Buy rating, lowers its price target from $32 to $31, and lowers its FY12/13 EPS estimates from $4.64/$5.14 to $3.95/$4.90 on Hewlett-Packard

. The report states, “After inline F4Q11 EPS, lingering company-specific issues and deteriorating IT demand drove another reset in HP's financial model - F2012 guidance for EPS of "at least" $4.00, which was largely anticipated (we believe investors were looking for $4.00-4.25). While we acknowledge that HP's transformation process could be bumpy going forward, we believe that we are approaching HP's trough earnings (F2012E EPS of $3.95).” HPQ closed yesterday at $26.86.