NEW YORK (TheStreet) -- Shares of Hewlett-Packard Co. (HP) - Get Report are down 0.61% to $32.41 in pre-market trading today as Barclays downgrades the company to "equal weight" from "overweight" and cut its price target to $35 from $42.

Given currency and its impact on PC and printer trends, Barclays is lowering their rating.

"We are admittedly late, but recognize shares could be range-bound with the prospects for guidance to be cut again in May. Also, the shares obviously lack as much support from free cash flow, which is much weaker this year, as some investors argue 'one time separation costs,'could be an indication that the split is producing greater dis-synergies than previously thought (not an opinion we necessarily share)," Barclays said.

Though a server cycle, where HP has the dominant x86 market position, could mitigate some of the downside, recent datapoints in HP's PC, IT services and printers more than offset. analysts noted.

Barclays analysts reminded that HP cut guidance for 2015 by 30 cents on February 24, citing currency, when the euro was $1.13. It's $1.05 to $1.06 now. HP carries about 35% exposure to the EMEA region, which is largely euro denominated, analysts said.

Barclays also pointed out that investor sentiment is "dampened" by the lower-than-expected cash generation this year, and it could go lower if currency weakness persists.

Insight from TheStreet's Research Team:

Technical analysis shows that the stock could be in a bearish downtrend as it cycles through a "head and shoulders" pattern, according to The Street's Ed Ponsi on RealMoneyPro.com. 

Here's a snippet of what he had to say:

One stock currently transitioning from "hero" to "hated" is Hewlett-Packard (HPQ). After suffering three consecutive down years in a bull market, HPQ roared back with a 96.35% gain in 2013, followed by a 43.42% rally in 2014.

But when the calendar turned to 2015, the fairy tale ended. HPQ has formed a left shoulder and head over the past six months, as we can see on the weekly chart (L-H).

Will a right shoulder form next, to complete the bearish trifecta? It could, but with the stock currently teetering on the neckline of this pattern, it might not matter.

HPQ is on the verge of closing beneath $33 on the weekly chart for the first time since May of last year. That occurrence would generate selling pressure from trapped longs, regardless of the final shape of the pattern.

HPQ's weekly moving average convergence-divergence indicator (MACD) gave a sell signal just over a month ago. Based on this pattern, the target price for HPQ is $26.

- Ed Ponsi, 'Two Market Darlings Lose Their Appeal' originally published 3/9/2015 on RealMoneyPro.com.

Want more information like this from Ed Ponsi BEFORE your stock moves? Learn more about RealMoneyPro.com now.

Separately, TheStreet Ratings team rates HEWLETT-PACKARD CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate HEWLETT-PACKARD CO (HPQ) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income." You can view the full analysis from the report here: HPQ Ratings Report