Goldman Sachs keeps the in-line rating on Hewlett-Packard (HPQ ).
Analyst Laura Conigliaro says, despite the stock's sharp drop, she would not rush to buy. She says a conference call raised many additional questions about execution capability, an area that already been something of a yellow flag for the company.
She notes, while HP provided 35 cents to 39 cents fourth-quarter guidance, many of the issues it's facing suggest estimates should be more prudently at the lowest end of that range, at best.
Focusing on the enterprise business, Conigliaro says it's clear that even though there should be improvement, neither the European channel issue nor the storage-business performance issue will be fully fixed by the fourth quarter, leaving HP with a sub-optimal mix.