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Citigroup Lowers Price Target for Hewlett-Packard (HPQ)

By
November 21st, 2012

Citigroup Lowers Price Target for Hewlett-Packard (HPQ)

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Analysts at Citigroup cut the price target for tech company Hewlett-Packard Company (HPQ) on Wednesday.

The analysts now value HPQ at $10.50, a -10% downside from Tuesday’s closing price of $11.61. Citigroup also cut estimates for the tech company following the startling fourth quarter report on Tuesday and expected struggles in growth in the future.

Hewlett-Packard shares were up 2 cents, or +0.17%, in premarket trading on Wednesday. HP stock is down -54.54% year-to-date.

The Bottom Line
Shares of Hewlett-Packard (HPQ) have a 4.53% dividend yield, based on last night’s closing stock price of $11.71. The stock has technical support in the $10.00-$11.50 price area. If the shares can firm up, we see overhead resistance around the $13-$15 price levels.

Hewlett-Packard Company (HPQ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.8 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.