Goldman Sachs maintained a Sell rating on Hewlett-Packard (NYSE: HPQ) with a price target of $17.00. Analyst Bill Shope noted that Q3 was better than feared, but he thinks 2014 challenges are significant and could force a reset of expectations.
"While the company was clearly able to navigate an increasingly challenging environment and exceed our near-term forecasts, we remain concerned that HP's end market challenges and reinvestment needs will force a reset in earnings expectations. In addition, we believe the company's comments on its continued challenges and its upcoming analyst day in October will likely add pressure to consensus earnings expectations and the stock price in short order," said Shope.
For an analyst ratings summary and ratings history on Hewlett-Packard (NYSE: HPQ) click here. For more ratings news on Hewlett-Packard click here.
Shares of Hewlett-Packard closed at $25.38 yesterday, with a 52 week range of $11.35-$27.78.