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Lehman Keeps 'Buy' on Hewlett-Packard

Lehman Brothers maintains its strong buy rating on Hewlett-Packard (HWP).

Analyst George Elling says the company's results were close to expectations. He says the real issue in the conference call is where the company is headed. He thinks the next few quarters are going to be under pressure, but the feeling is that Hewlett-Packard is close to the bottom. He believes that when the economy comes back, the company should bounce back reasonably well. Elling also notes Hewlett-Packard's dominance in printers, and sees drivers to that business in imaging and printing.

Elling says as the company returns to profitability, he sees opportunities for leverage. He trimmed the $1.15 fiscal 2001 (Oct.) EPS estimate to $1.10, and maintains his $1.60 fiscal 2002 estimate. He has a $45 12-month target.

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