Shares of hardware companies are broadly lower today, worse than the overall equity trend, amidst diminished views of computer hardware.

I mentioned earlier that estimates have been cut for Seagate Technology(STX) and Western Digital (WDC) by Barclays and ThinkEquity today, following a warning by drive assembly maker Hutchinson Technology (HTCH).

But JP Morgan’s Mark Moskowitz, citing “tougher times” ahead for hardware, cut his estimates for all 18 hardware companies he covers, including Apple(AAPL), EMC (EMC), Dell (DELL).

He cut his price target on Apple shares to $695 from $715, the first time since 2009, he writes, that he has gone lower on an Apple target.

Moskowitz writes that a combination of factors, including slowing IT spending, uncertainty about China‘s economic direction, and currency pressures from a stronger U.S. dollar now make “underlying buiness patterns” for IT hardware even weaker than he expected as recently as June 6th.

For Apple, Moskowitz cut his 2012 revenue estimate from $165.6 billion to $163.79 billion. For Dell, he cut his 2012 estimate from $59.63 billion to $58.24 billion.

However, the pain will be doled out unevenly, writes Moskowitz. He still advises sticking with shares of Apple, EMC, NetApp (NTAP), and International Business Machines (IBM), as he sees the greater challenge being more PC-focused companies, writing, “For the large-cap group, the biggest hits to EPS occur where companies have exposure to the lower-priority segments, such as PCs and printing. This view impacts Dell, HP, and Lexmark.”

For HP in particular, Moskowitz observes, “Hewlett-Packard’s woes will continue as the company likely has to reinvest a lot more of its cost savings from the PSG-IPG combination, which could limit EPS growth in C2013. ”

Moskowitz rates HP shares Underweight, and cut his price target to $22 from $23.