Reuters: Global Markets: Lenovo shares drop to near 5-month low on brokerage downgrades

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Lenovo shares drop to near 5-month low on brokerage downgrades Jul 4th 2012, 02:09 HONG KONG | Tue Jul 3, 2012 10:09pm EDT HONG KONG (Reuters) - Shares of Lenovo Group Ltd (0992.HK), the world's No.2 PC maker, tumbled almost 5 percent to a near five-month low after two brokerages downgraded their outlooks for the company as global economic weakness damps PC demand. Lenovo shares fell as much as 4.9 percent to an intraday low of HK$6.05 in early trade on Wednesday, the weakest level since early February. Jefferies and CLSA downgraded the computer maker to "underperform", saying Lenovo, which ranks behind Hewlett Packard Co (HPQ.N) in PC market share, was likely to be affected by a sluggish outlook for the PC sector.

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