By Tiernan Ray
Shares of Hewlett-Packard (HPQ) are off ten cents at $39.65 after the organization previous evening announced its head of enterprise product sales and advertising, Thomas Hogan, is leaving to pursue other opportunities after 5 many years on the firm.
This early morning,
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RBC Money Markets’s Amit Daryanani this morning reiterates an Outperform rating on the shares and a $56 price target, writing that Hogan’s departure “may reignite investor concerns about management attrition at HP given the CEO transition,” but that, “we don’t believe that HP’s fundamental ability to continue building its income force,
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Keith Bachman with BMO Cash is less sanguine. Hogan was probably one of the candidates for the CEO spot at HP before Leo Apotheker took over last fall, and so this is mostly about Hogan being unfulfilled at HP, he believes. Still, Hogan was important to HP’s efforts: “Given concerns about PC and printer sustainable rev growth, we believe that the Enterprise division is very important for HP results over the next few decades, and Tom had been helpful in driving results,” Bachman writes. “Nevertheless, we think Tom was an effective leader, and thus,
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Bachman, nevertheless,
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