Analyst Trims Tech Sector Outlook On Weaker Euro

Eleven companies in the technology sector saw profit estimates cut by an analyst Friday who cited a faltering euro.Breen Capital's Ananda Baruah took the action in light of recent currency moves, noting that companies on his list are heavily dependent on European accounts for revenue.Despite trimming his earnings estimates, Baruah maintained Buy ratings on all but one company on his list, while nearly all his forecasts remain above consensus views.Hewlett-Packard Co. (NYSE: HPQ) gets about 35 percent of revenue via Europe and Baruah trimmed his 2015 earnings estimate nearly 3.5 percent to $3.89 a share.Wall Street on average expects Hewlett-Packard's 2015 earnings of $3.94 a share. Tech Data Corp. (NASDAQ: TECD) gets 60 percent of its revenue in euros and Baruah cut his profit forecast for 2015 by 5.6 percent to $5.19 a share.Analysts on average expect $5.09 a share. Ingram Micro Inc. (NYSE: IM), with 30 percent of revenue from Europe, got a 2.5 percent haircut to its full-year earnings estimate, to $3.07 a share. Wall Street on average is looking for $2.56 a share.NetApp Inc. (NASDAQ: NTAP) also gets about 30 percent of revenue from Europe and Baruah cut his estimate nearly 3 percent to $3.11. Wall Street expects $2.96.Arrow Electronics Inc. (NYSE: ARW) depends on Europe for 27 percent of its revenue and the analyst clipped its outlook 3.2 percent to $6 a share in 2015 earnings. The consensus view calls for $5.88 a share in Arrow earnings for the current year.EMC Corp. (NYSE: EMC) is 28-percent dependent on Europe for revenue and saw a 3.3 percent cut to $2.05 a share in Baruah's predicted earnings for 2015. Wall Street on average expects $2.06 a share.3D Systems Corp. (NYSE: DDD) derives 23 percent of revenue from Europe and Baruch cut his estimate nearly 2 percent to $1.03 a share, from $1.05. Analysts on average are expecting $0.73 a share.Europe accounts for 22 percent of Stratasys Ltd.'s (NASDAQ: SSYS) revenue and the analyst cut his full-year earnings forecast nearly 2 percent to $2.99. Analysts on average expect $2.25.Pitney Bowes Inc. (NYSE: PBI) gets 20 percent of revenue from Europe and saw Baruah cut his full-year estimate to 2.4 percent to $2 a share. Analysts on average expect $1.90 a share.ExOne Co. (NASDAQ: XONE) is 35-percent dependent on Europe for revenue and Baruah, who maintains a Hold rating on ExOne, cut his full-year estimate to a loss of $0.25 cents a share, from a loss of $0.20 cents.