UPDATE: Deutsche Bank Reiterates Sell Rating, Lowers PT on Hewlett-Packard Company on EPS

In a report published Friday, Deutsche Bank reiterated its Sell rating on Hewlett-Packard Company

, but slightly lowered its price target from $5.00 to $4.50. Deutsche Bank noted, “Better than feared; but broad-based erosion continues. HP reported non-GAAP EPS of $0.82 on revs of $28.4B (vs. DB at $28.3B/ $0.71; Street at $27.9B/ $0.71). GMs of 22.3% and OMs of 7.9% were better than expected (DB at GMs of 21.0% and OMs of 7.0%) on the back of better printing margins, slower than expected Services contract losses and restructuring benefits. We remain cautious on HP's weak fundamentals, share loss, ongoing revenue erosion and challenging macro conditions. However, we raise our PT to $12 to reflect the improved balance sheet; maintain Sell” Hewlett-Packard Company closed on Thursday at $17.10.