UPDATE: Collins Stewart Lowers PT on Hewlett-Packard to $30

Collins Stewart is out with its report today on Hewlett-Packard HPQ, lowering its PT to $30 from $40. In its report, Collins Stewart writes, "We move FY11 EPS to $4.82 (from $5.10) & FY12 to $5.00 (from $5.59). Our PT moves to $30 from $40, or 6x FY12 EPS due to uncertainty on the turnaround." Collins Stewart maintains Neutral on HPQ. At the time of posting, shares of HPQ were trading pre-market at $24.98, down 15.35% from Thursday's close.