While much of the tech sector advanced Wednesday, analysts at UBS remained cautious about several industry leaders and cut ratings on Hewlett-Packard Co., Intel Corp. and Western Digital Corp. because of concerns about the outlook for PC sales through the rest of this year.

H-P (HPQ) gave up 87 cents a share, or more than 2%, to trade at $39.05 after UBS analyst Maynard Um cut his rating on the world's No. 1 PC company to neutral from buy and also lowered his price target on the company's stock to $44 a share from $54.