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Goldman Lowers Hewlett-Packard to 'In-Line'


Goldman Sachs downgraded Hewlett-Packard (HPQ) to in-line from outperform.

Analyst Laura Conigliaro says, although the company beat her and the consensus estimates, the first quarter is far from clean. She notes a significant shortfall in overall first quarter revenues, and notably weak cash flow from operations. She cites significant weakness in the company's U.S. enterprise biz, and says H-P's reclassification of segment revenues and operating income makes it more difficult to track segment profitability.

Conigliaro cut the $1.34 calendar 2003 earnings per share estimate to $1.29; she cut the $1.20 fiscal 2003 (Oct.) estimate to $1.19. Although H-P's valuation remains low, she says she sees little to get investors excited at this point.


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