UPDATE: Topeka Capital Markets Downgrades Hewlett-Packard to Sell Following Rally

Topeka Capital Markets reduced its rating on Hewlett-Packard (NASDAQ: HPQ) from Hold to Sell with an $11.50 price target.

Topeka Capital Markets said, "In less than a month, HP's stock has rallied 31% from the November 20th low to yesterday's intra-day high on what we believe is a combination of hope that a major shake up at HP is around the corner and short covering activity. Given the secular portfolio challenges we expect HP to face in the foreseeable future, combined with a soft spending environment, we believe investors should take advantage of this early holiday gift and take profits in the stock."

Hewlett-Packard closed at $14.21 on Monday.

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