Hewlett-Packard (HPQ) Message Board

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Technology Stocks : Hewlett-Packard (HPQ)

HPQ 22.29

-2.7%

3:59 PM EST

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To: PCSS who wrote (2596)	2/26/2003 9:07:28 AM
From: PCSS	Read Replies (2) of 4345

G-S OVERVIEW OF HPQ THIS MORNING: We are lowering our rating on HPQ to In-Line from Outperform. Although HP beat our and consensus EPS ests, HP's Jan qtr was far from clean, with several issues - ranging from a restatement of segment revs and earnings, a significant shortfall in overall Jan qtr revenues to notably weak cash flow from ops - causing some concern. Given the top-line shortfall, we are revising our forward ests with our CY03 ests now $73.7B in revs and EPS of $1.29, down from $75.5B and EPS of $1.34. While HP's valuation remains low - and investors already owning HPQ shares are unlikely to sell based on the January quarter - we also see little that will get new investors excited at this point.

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