Hewlett-Packard Hosts Analyst Summit, Goldman Sachs Maintains Sell Rating

Goldman Sachs has published a research report on Hewlett-Packard HPQ after the company hosted its analyst summit in San Francisco.

In the report, Goldman Sachs writes "Hewlett-Packard hosted its much-anticipated analyst summit in San Francisco with CEO Léo Apotheker outlining his long-term strategic vision. The strategy was “evolutionary” as the company looks to leverage its leading assets from a traditional stack to a new cloud-based stack better suited to address the mega-trends in IT. HP expects growth in high-margin areas such as networking, software, tablets, and cloud services to play a key role in this strategy. The company also raised its quarterly dividend by 50% to $0.12 (from a 0.8% to a 1.2% dividend yield) and set a lofty EPS goal of at least $7.00 in FY2014."

Goldman Sachs maintains its Sell rating and $38 price target.

Hewlett-Packard closed yesterday at $41.49.