JP Morgan Maintains Underweight Rating and $20 PT on Hewlett-Packard

A report from J.P. Morgan reiterates its Underweight rating and $20 price target on Hewlett-Packard

. The report states, “We expect shares of Underweight-rated HP to lack sustainable upward momentum in the near term. The company's results and outlook raised more questions than provided answers in our view. While value-oriented investors could suggest the “kitchen sink reset” to numbers arrived, we are concerned that the host of drivers behind the reduced outlook point to a series of ongoing resets.” HPQ closed yesterday at $26.86.