UPDATE: Mizuho Downgrades HP to Underperform; Says Bad News May Not All Be Out Yet
Mizuho downgrades Hewlett-Packard (NYSE: HPQ) from Neutral to Underperform, reduced price target from $15 to $8.
Mizuho's Abhey Lamba believes all the bad news for HP "probably not out yet." While Lamba was not surprised by the Autonomy-related charge, the timing and potential for fraud is "concerning."
The analyst called HP's FY13 EPS guidance of $3.40-3.60 "at risk."
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