Brean Murray Carret: Hewlett-Packard's Sell-off Feels Overdone

In a research report published earlier today, Brean Murray Carret feels that yesterday's Hewlett-Packard Co. (NYSE: HPQ) sell-off was overdone given that the company just announced that it is merging its PC and printer organizations.

According to Brean Murray Carret, “We don't believe HP expects any structural revenue attrition while expecting cost savings over time – so net a likely positive EPS event. We believe the thinking is to interface more elegantly with customers and deliver a more cohesive branding and advertising message, both with end customers and with the channel. We also believe the moves (both go to market and back-office) will take the better part of 2012 to digest.”

Brean Murray Carret maintains its Hold rating on Hewlett-Packard, which closed yesterday at $23.46.