UPDATE: Cantor Fitzgerald Initiates Coverage on Hewlett-Packard Company with Hold Rating, $20 PT on Difficult Spending Environment Going Forward

In a report published Friday, Cantor Fitzgerald analyst Brian J. White initiated coverage on Hewlett-Packard Company HPQ with a Hold rating and $20.00 price target. In the report, Cantor Fitzgerald noted, “We are initiating coverage of Hewlett Packard with a HOLD rating and 12-month price target of $20.00. Despite HP reporting the eighth consecutive quarter of YoY declines in both sales and EPS, the stock has handily outperformed its peers and the market in 2013. We do not believe the fundamental trends at HP justify this performance, and we remain skeptical over the longevity of the turnaround story at HP; we believe the muted IT spending environment will weigh on the company's results over the next year.” Hewlett-Packard Company closed on Thursday at $21.31.