UPDATE: Credit Suisse Lowering Price Target On Hewlett-Packard (HPQ) NEUTRAL

Credit Suisse is out with a research report on Hewlett-Packard HPQ and is lowering its price target to $33, but is keeping its Neutral rating on shares. In a note to clients, Credit Suisse writes, "We lower our EPS estimates materially by 2%/11% for FY11/12 to $4.83/$4.56 and lower our TP to $33 (from $42). We also lower our F2013 EPS estimates to $4.59 from $5.53. Although management is making bold moves, we believe it is too early to turn constructive on HP shares." Shares of HPQ are down $4.91 in pre-market trading to $24.70.