In this short paper, we show that Kleinberg's hubs and authorities model (HITS) is simply Principal Components Analysis (PCA maybe the most widely used multivariate statistical analysis method), albeit without centering, applied to the adjacency matrix of the graph of web pages. In addition to providing a new interpretation for HITS, this result suggests to rely on existing work, already published in the multivariate statistical analysis litterature (extensions of PCA), in order to design new web pages ranking procedures.