Collins Stewart Moves PT on Hewlett-Packard to $28

Collins Stewart moves its price target on Hewlett-Packard (NYSE: HPQ) to $28 and retains its Neutral rating for the company in a research report out today.

In the report, Collins Stewart writes, "To compare HP & Dell, it was back in '06 when Dell first realized it had issues & six years later, quarters are still erratic. Meanwhile, IBM has done very well for the past few years, but the company worked very hard through the 2001-2006 period to build a turnaround base. Our point is that even though the shares are cheap, this turnaround could be years in the making. Our PT moves to $28."

Shares of Hewlett-Packard are currently trading at $27.59, down 4.49% from yesterday's close.