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Morgan Stanley Downgrades HP

Morgan Stanley downgrades Hewlett-Packard (HPQ) to underweight from equal-weight.

Analyst Rebecca Runkle says with HP showing overall tepid retail data points and less-than-perfect execution in enterprise, she's shifting to an underweight rating. She cuts her $20 target to $18, or 11 to 12 times her calendar year 2005 earnings per share estimate.

She notes with Dell going after HP's largest profit pools and continued signs of supply chain inefficiencies, she believes the chance for mis-execution over the near term remains high.

Runkle ees $1.56 fiscal 2005 (ending October) earnings per share, and $1.68 fiscal 2006 earnings per share.

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