Credit Suisse Lowering Estimates On Hewlett-Packard

Credit Suisse is out with a research report on Hewlett-Packard (NYSE: HPQ) and is lowering its estimates and price target to $30 from $33, but is keeping its Neutral rating on shares.

In a note to clients, Credit Suisse writes, "We lower our FY12 EPS estimate from $4.56 to $4.44 given building macro headwinds and weakening enterprise end market and lower our target price to $30 from $33. Thus far, Public and Financial verticals, which represent 28% of sales have exhibited notable weakness. Our FY11 forecast remains unchanged at $4.83. Although management is making bold moves, we believe it is too early to turn constructive and maintain our Neutral rating."

Shares of HPQ are up 25 cents in pre-market trading to $26.30, a gain of 0.96%.