But Gleacher & Co. analyst Brian Marshall told CNBC in an interview that the stock was potentially a "coiled spring."
"We think H-P’s been left for dead," said Marshall, who called the stock's valuation anemic. "If we see any signs of life whatsoever we could have a nice pop higher," he said.
Marshall also said that the company could be worth more if it split in two. "It would make sense "to have a higher-growth, higher-margin company that’s focused on enterprise, and have a lower-growth, lower-margin company that’s focused on consumer," he said.
H-P's future would not be dictated by consumer devices, and reports that H-P's tablet device wasn't selling well were "immaterial," said Marshall.
Jefferies & Co. analysts are calling H-P a "buy," saying the computer hardware maker has a compelling valuation.
Jefferies said Friday that while disappointing back-to-school sales have intensified weak consumer spending on PCs, enterprise spending continues. Jefferies added that HP faces four to six quarters of investment in tablets and cloud services to offset the cannibalization of its PC, server, and services businesses.
Jefferies raised its fiscal 2012 earnings estimate for H-P to $5.98 per share from $5.83 per share, and set a $40 stock price target.
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Susquehanna Financial Group is a market maker in the securities of Dell and Hewlett-Packard.