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UPDATE: Cantor Fitzgerald Initiates Coverage on Hewlett-Packard on Difficult Spending Environment Going Forward

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In a report published Friday, Cantor Fitzgerald analyst Brian J. White initiated coverage on Hewlett-Packard Company (NYSE: 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.

Latest Ratings for HPQ

DateFirmActionFromTo
Dec 2014CitigroupMaintainsBuy
Dec 2014Bank of AmericaReinstatesBuy
Oct 2014JefferiesInitiates Coverage onHold

View More Analyst Ratings for HPQ
View the Latest Analyst Ratings

Posted-In: Brian J. White Cantor FitzgeraldAnalyst Color Initiation Analyst Ratings

 

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