JPMorgan Chase & Co. Reiterates “Neutral” Rating for Hewlett-Packard (HPQ)
Hewlett-Packard (NYSE:HPQ)‘s stock had its “neutral” rating reiterated by JPMorgan Chase & Co. in a research note issued on Monday, AnalystRatingsNetwork reports.
The analysts wrote, “Neutral-rated Hewlett-Packard is set to host its analyst meeting on Wednesday, October 9 in San Jose. The stock has been out of favor since HP’s Jul-Q earnings call on August 21, when CEO Meg Whitman commented that F2014 revenue likely would not grow. Then, the takeaway for investors was that the upcoming analyst meeting could be eerily similar to the October 2012 meeting when HP significantly lowered its financial outlook. In our view, if HP can avert a meaningful reset to F2014 non-GAAP EPS and free cash flow, then the stock may find bottom. The counter could extend the stock’s losses as HP’s end markets are not turning positive, yet. Recall, we lowered our J.P. Morgan Global IT spending forecast on October 2.”
Shares of Hewlett-Packard (NYSE:HPQ) traded down 1.58% during mid-day trading on Monday, hitting $20.925. 5,302,802 shares of the company’s stock traded hands. Hewlett-Packard has a 1-year low of $11.35 and a 1-year high of $27.78. The stock has a 50-day moving average of $22.28 and a 200-day moving average of $23.32. The company’s market cap is $40.214 billion.
Hewlett-Packard (NYSE:HPQ) last announced its earnings results on Wednesday, August 21st. The company reported $0.86 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.86. The company had revenue of $27.20 billion for the quarter, compared to the consensus estimate of $27.29 billion. During the same quarter last year, the company posted $1.00 earnings per share. Hewlett-Packard’s revenue was down 8.2% compared to the same quarter last year.
A number of other analysts have also recently weighed in on HPQ. Analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Hewlett-Packard in a research note to investors on Monday. Separately, analysts at Barclays Capital cut their price target on shares of Hewlett-Packard from $26.00 to $24.00 in a research note to investors on Wednesday, October 2nd. They now have an “equal weight” rating on the stock. Finally, analysts at TheStreet reiterated a “hold” rating on shares of Hewlett-Packard in a research note to investors on Friday, September 27th. Six research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Hewlett-Packard currently has a consensus rating of “Hold” and a consensus price target of $23.04.
Hewlett-Packard Company (NYSE:HPQ) is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses (SMBs) and large enterprises, including customers in the Government, health and education sectors.
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