Hewlett-Packard Company (HPQ) Maintains A Strong Buy
March 08, 2010 3:10 PM
Analysts Richard Kugele and Sean K. F. Hannan at Needham have released an update on Hewlett-Packard Company (NYSE: HPQ).
The company announced on Friday that it will revise its results for the first-quarter, which were reported in January. The revisions are being made due to an increase in contingency reserve following a January decision in a U.K. court, which is tied to a lawsuit between EDS, Sky Subscribers Services, and British Sky Broadcasting. As a result the company has lowered its first-quarter EPS by $0.03.
Analysts do not view the increase in contingency reserve by HP as a material impairment on the company, its financial position, or ability to attract, and retain other outsourcing services customers.
Analysts at Needham continue to rate Hewlett-Packard Company as a Strong Buy, with a 12-month price target of $60.
