JPMorgan on Hewlett Packard

Trimming Estimates but Reiterate Overweight as Top Pick to Weather Global Downturn; We are trimming estimates for HP ahead of its Nov. 24 earnings call. HP is our top pick, along with IBM, to weather the global downturn. The incremental costs savings of the EDS deal "circle the wagons" in terms of setting up a backstop for earnings. In addition, we highlight company-specific factors in HP's PC, printer, and server businesses that could support downside protection to numbers relative to its peers. Recap of estimate revisions for Oct. and beyond. For Oct., our revised revenue and EPS estimates are $32.719 billion and $0.95, versus $32.981 billion and $0.96 previously. The Street consensus is at $33.296 billion and $1.00. For fiscal 2009, our revised revenue and EPS estimates are $135.8 billion and $3.72, versus $137.3 billion and $3.95 previously. The Street consensus is at $138.1 billion and $4.05. M Moskowitz.