HP Still Looking For CEO, Upbeat On Analyst Day

Deutsche Bank has published a research report for Hewlett Packard Co. HPQ following analyst day. In the report, Deutsche Bank writes "HP provided a strategic update, outlined near-term financial guidance and gave an optimistic 3 year growth outlook. Total revenue is expected to grow 5-7% Y/Y in FY11, reflecting HP's expectation of +4-6% IT spending growth (including 1pt from acquisitions). We raise our FY11 nonGAAP EPS estimate to $5.10 (from $4.80) to reflect firmer near-term IT demand trends and benefits from its most recent $1B charge. Despite higher EPS, our FCF estimates are unchanged." HP is looking for a new CEO still, and some speculative rumors have been covered here. Deutsche Bank maintains its Hold rating and $45 price target. Hewlett Packard closed yesterday at $41.62.