Hewlett-Packard, Ingram Micro Downgraded To Equal Weight At Barclays

MarketWatch Pulse

Hewlett-Packard Inc. stock was downgraded to equal weight from overweight at Barclays on Thursday, with analysts citing concerns about the impact on the hardware company of the strong dollar. "What we mean is that the move in the currencies means re-pricing of many transactional products like PCs, servers, printers, supplies, etc., needs to be redone and rethought - even more than we thought in February," they wrote in a note. "In short, these moves may impact demand more than we are comfortable with right now - in spite of valuation and/or what could already be "in the stocks." Barclays also downgraded rival Ingram Micro to equal weight, citing the same factors. Hewlett-Packard shares were not yet active in premarket trade, but are down 14.2% in the last three months, while the S&P 500 has gained 1.9%.

Copyright © 2015 MarketWatch, Inc.

Continue Reading Below