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.
Latest Ratings for HPQ
|Jan 2016||Wells Fargo||Downgrades||Outperform||Market Perform|
|Dec 2015||BMO Capital||Initiates Coverage on||Market Perform|
|Nov 2015||Credit Suisse||Maintains||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.