UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on Hewlett-Packard Company
In a report published Wednesday, Credit Suisse Group reiterated its Neutral rating on Hewlett-Packard Company (NYSE: HPQ), but lowered its price target from $15.00 to $12.00.
Credit Suisse noted, “While HP delivered on F4Q12 and FY12 EPS expectations, the near-term outlook remains challenged due to macro and secular factors. Further, an over $5bn asset impairment related to the company's Autonomy acquisition raises questions as to HP's internal controls. While management has a clear plan and roadmap, execution of this will take some time to drive increased shareholder value. We maintain our FY13 EPS at $3.41, introduce FY14 estimates of $3.69 and lower our target price to $12 (from $15).”
Hewlett-Packard Company closed on Tuesday at $11.71.
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