Jefferies Reiterates Buy on Hewlett-Packard

Jefferies is out with its report today on Hewlett-Packard HPQ, reiterating Buy. In its report, Jefferies writes, "After three failed attempts HP is finally kitchen sinking their guidance and outlook. The company unveiled its plans to radically transform by acquiring Autonomy, spinning off PSG, and discontinuing its Web OS hardware line. While the Q3 report and corporate actions are disappointing, we continue to see significant value when looking at the sum of the parts. We trim our 2012 EPS est. to $5.50 but reiterate our Buy rating and $40 PT." At the time of posting, shares of HPQ were trading pre-market at $26.40, down 10.54% from Thursday's close.