UPDATE: Topeka Capital Markets Downgrades Hewlett-Packard to Sell Following Rally

Topeka Capital Markets reduced its rating on Hewlett-Packard HPQ from Hold to Sell with a $11.50 price target. Topeka Capital Markets said, "In less than a month, HP's stock has rallied 31% from the November 20th low to yesterday's intra-day high on what we believe is a combination of hope that a major shake up at HP is around the corner and short covering activity. Given the secular portfolio challenges we expect HP to face in the foreseeable future, combined with a soft spending environment, we believe investors should take advantage of this early holiday gift and take profits in the stock." Hewlett-Packard closed at $14.21 on Monday.