Raymond James analyst Brian Alexander downgraded HP in a research note following the earnings release, calling it a "classic 'throw in the towel' downgrade." Alexander wrote that HP's turnaround may be unraveling.
"Clearly, we acknowledged the company's challenges, but expected more stability in the near term than what these results suggest," Alexander noted. "We can no longer rely on valuation support for a business that is deteriorating more quickly than we expected and where we have much lower confidence in the pace of the turnaround." He downgraded HP to market perform and took away his price target. It had previously been $28.
HP's product offerings are convoluted, stagnant, uninspiring, and losing mind share seemingly as fast as the company is losing market share.
Whitman and her team are fast losing any supporters as she tries to turn the company around. Given the structural issues facing HP, there may not be much of a company left once all is said and done.Interested in more on HP? See TheStreet Ratings' report card for this stock. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV