J.P. Morgan Reiterates Neutral on Hewlett-Packard Ahead of Wednesday Analyst Meeting
In a report published Monday, J.P. Morgan analyst Mark Moskowitz reiterated a Neutral rating and $29.00 price target on Hewlett-Packard Company (NYSE: HPQ).
In the report, J.P. Morgan noted, “Neutral-rated Hewlett-Packard is set to host its analyst meeting on Wednesday, October 9 in San Jose. The stock has been out of favor since HP's Jul-Q earnings call on August 21, when CEO Meg Whitman commented that F2014 revenue likely would not grow. Then, the takeaway for investors was that the upcoming analyst meeting could be eerily similar to the October 2012 meeting when HP significantly lowered its financial outlook. In our view, if HP can avert a meaningful reset to F2014 non-GAAP EPS and free cash flow, then the stock may find bottom. The counter could extend the stock's losses as HP's end markets are not turning positive, yet. Recall, we lowered our J.P. Morgan Global IT spending forecast on October 2.”
Hewlett-Packard Company closed on Friday at $21.26.
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