UPDATE: Mizuho Downgrades HP to Underperform; Says Bad News May Not All Be Out Yet

Mizuho downgrades Hewlett-Packard

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."