November 21, 2012 at 09:19 AM EST
Citigroup Lowers Price Target for Hewlett-Packard (HPQ)

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 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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