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

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In a report published Friday, Deutsche Bank reiterated its Sell rating on Hewlett-Packard Company (NYSE: HPQ), but raised its price target from $10.00 to $12.00.

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.

Latest Ratings for HPQ

DateFirmActionFromTo
Oct 2014JefferiesInitiates Coverage onHold
Oct 2014Brean CapitalMaintainsBuy
Oct 2014Credit SuisseUpgradesMarket PerformOutperform

View More Analyst Ratings for HPQ
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings

 

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