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SG Cowen Cuts Rating on Hewlett-Packard to Buy

Hewlett-Packard (HWP) sees $0.35-$0.40 EPS for Q1 on low-to-mid-single digit revenue growth. SG Cowen downgraded its opinion on the shares to buy from strong buy.

Analyst Richard Chu says he was looking for $0.42 estimate on $13.2B in revenue. He says EPS was cushioned by the company's sales mix and expense cuts. Chu notes that product sector performance details are still sketchy.

The analyst cut his $1.88 fiscal 2001 (Oct.) EPS estimate to $1.63 and his $2.25 fiscal 2002 forecast to $1.95. He also cut his fiscal 2001 revenue growth estimate to 6% and his fiscal 2002 forecast to 12%.

Chu says the key driver for HWP remains printing/imaging consumables, which are likely to account for 70%-75% of corporate operating profits this year. He lowered his $50 price target to $40.

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