UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Hewlett-Packard Company - HP (NYSE:HPQ)

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In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on Hewlett-Packard Company (NYSE: HPQ), but lowered its price target from $18.00 to $14.00.BMO Capital noted, “We think that low margins in PC and ESSN businesses will likely persist owing to pressure from aggressive pricing, mix, and weak demand/volumes. In addition, we think needed investments in services will pressure op profits in FY13. Finally, weak printer unit sales suggest HP will face long-term growth (ink/tonner) and margins pressures in the printer business unit.”Hewlett-Packard Company closed on Tuesday at $11.71.

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