Auriga Starts Hewlett-Packard (HPQ) at Hold

Auriga initiates coverage on Hewlett-Packard (NYSE: HPQ) with a Hold rating and $46 price target.

The firm said, "We believe HP is facing headwinds in terms of both top-line growth and margin expansion due its under-investment in R&D over the past five years, and we are concerned with low earnings quality stemming from all the acquisitions in recent years. Low valuation multiples seem to be accounting for at least some of our concerns, but aren't low enough for us to want to recommend the stock."

For more ratings news on Hewlett-Packard click here and for the rating history of Hewlett-Packard click here.

Shares of Hewlett-Packard closed at $41.06 yesterday.

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