UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Hewlett-Packard Company

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In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on Hewlett-Packard Company
HPQ
, but lowered its price target from $18.00 to $14.00. BMO Capital noted, “We think that low margins in PC and ESSN businesses will likely persist owing to pressure from aggressive pricing, mix, and weak demand/volumes. In addition, we think needed investments in services will pressure op profits in FY13. Finally, weak printer unit sales suggest HP will face long-term growth (ink/tonner) and margins pressures in the printer business unit.” Hewlett-Packard Company closed on Tuesday at $11.71.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsBMO Capital Markets
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