According to J.P. Morgan, Hewlett-Packard HPQ Overweight rating is reiterated.
J.P. Morgan said that it is adjusting its estimates for Overweight-rated Hewlett-Packard. “In our revised model, lower revenues are partially countered by mix-driven gross margin support and increased share buyback assumptions. While the top-line reset is a disappointment, we believe the stock has more than adjusted. In our view, the stock's low-relative valuation, based on price-to-earnings multiple, suggests that a series of downward revenue resets is on the way, alongside a disruptive acquisition or two. We think the floor is almost set, making for an attractive risk-reward profile for long-term investors.”
Hewlett-Packard closed yesterday at $40.88.
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Posted In: Analyst ColorAnalyst RatingsComputer Hardwarehewlett-packardInformation TechnologyJ.P. Morgan
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