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Brian White's Holding HP: Here's Why

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Brian White's Holding HP: Here's Why
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In a report published Tuesday, Cantor Fitzgerald analyst Brian White maintained a Hold rating on Hewlett-Packard Company (NYSE: HPQ), with a price target of $33, ahead of the company's F3Q15 results.

The company is scheduled to report its quarterly results on August 20. Analyst Brian White expects Hewlett-Packard to deliver an "uninspiring" performance. The company's earnings are likely to have been impacted by "the weakening PC market, secular challenges in the printer market and a weakening global macro backdrop."

White expects Hewlett-Packard to record its F3Q15 revenue and EPS slightly short of the estimates of $25.3 billion and $0.87, respectively. Revenue is expected to have declined 8 percent y/y in F3Q15, marking the 15th quarter of y/y revenue declines out of the past 16 quarters.

"Although FX will clearly have a YoY impact on sales, we do not expect a material incremental impact from the company's last earnings call in May," White wrote.

In the report Cantor Fitzgerald noted, "In our view, the separation of HP into two companies makes sense; however, this does not change the fact that we believe both of these businesses are rapidly being commoditized and thus future profit growth potential appears limited."

Latest Ratings for HPQ

DateFirmActionFromTo
Jan 2017UBSUpgradesNeutralBuy
Jan 2017GuggenheimInitiates Coverage OnNeutral
Nov 2016BMO CapitalMaintainsMarket Perform

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