The world’s largest PC manufacturer reports quarterly financials on Thursday, and a number of analysts are expecting Lenovo to report big drops in sales as well as profits.

However, a sampling of analyst opinion in late October shows that most analysts remain positive about Lenovo stock even though the nunber of “buy” recommendations has dropped.

According to the Financial Times, 3 analysts say Lenovo is a “buy.” That’s down from nine year-over-year.

Outperform ratings number eight, down year year-over-year.

Holds increased to 11 from 10.

Underperform ratings are up two to six from four.

Only one analyst says Lenovo is a “sell.” That total is unchanged.

Research firm Jefferies is expecting Lenovo to say net profits fell a 128 percent drop from $200 million reported in the quarter ending March 30.

Year-over-year revenues are expected to drop 9.2 percent to $11.03 billion, according to a survey of analysts reported Tuesday by South China Morning Post in Hong Kong.

Analyst talk

However, Jefferies has a “buy” rating on the stock, which is traded in Hong Kong. And an analyst says the worst may be over.

“The personal computer market remains volatile,” Jefferies equity analyst Ken Hui said, according to the newspaper. “However, the company’s guidance of widening personal computer growth … in the September quarter suggests that the worst is over.”

Added analyst Alberto Moel at Bernstein Research, which rates Lenovo shares as “outperform:”

“Our conversations with the company suggest that Lenovo is targeting at maintaining flattish sales in their personal computer business segment for its fiscal year to March.”

Lenovo has continued to gain PC market share worldwide, driving in part by substantial growth in the U.S., even as sales continue to decline.

The tech giant, which operates one of its two global headquarters in Morrisville (the other is in Bejing), continues to struggle in smartphone sales even as it launches new models in the U.S. Its sever business, which is based in the Triangle, also has struggled.

In September, Lenovo cut 2 percent of its 55,000 employee work force with most cuts coming in Chicago in its Motorola business unit.