Deutsche Bank Maintains Hold Rating, $42 PT On HPQ

Deutsche Bank is maintaining its Hold rating and $42 PT on shares of Hewlett-Packard Company HPQ.

“Our estimates are unchanged at rev/EPS FY11 of $130B/$5.20 and FY12 of $135B/$5.55,” Deutsche Bank writes. “In addition, our PT remains $42 which assumes 9x FY11E GAAP EPS (~8x non-GAAP EPS) which is towards the lower end of its 7-18x historical range (past 5 years).

“Risks include significantly stronger-/weaker IT spending or better/worse HW pricing & competition.”

Hewlett-Packard closed Monday at $41.49.