HP could signal tech rebound
C|Net | at | by Mike
The worst may be over for Hewlett-Packard, even though information technology spending continues to "bounce along the bottom," according to an analyst from Salomon Smith Barney. John B. Jones on Friday upgraded HP to a "buy" from a "neutral" and argued that the company is more likely to see improvement in its business than continued weakness. "As HP was first to signal a downturn, they could be the first to lead us out," said Jones. He added that HP could be among the first tech companies to signal a rebound since it accurately predicted problems late last year. "HP's unique customer base (consumer, small and medium-sized businesses, and large enterprises) has been an early, reliable indicator of spreading IT spending softness in late 2000 and in the first half," said Jones.