UPDATE: Credit Suisse Raises PT to $20 on Hewlett-Packard on Solid Quarter

Credit Suisse maintained Hewlett-Packard

with a Neutral rating and raised the price target from $12.00 to $20.00. Credit Suisse noted, "HP exceeded our revenue and EPS expectations for the quarter. The EPS beat was driven by better top line and execution on margins. In the context of a strong 1Q, we believe full year EPS guidance could prove conservative, and with $6.5bn/$7.5bn of FCF in FY13/FY14, the company is coming close to stabilizing operations. We raise our FY13/FY14 EPS estimates by 4%/2% to $3.56/$3.78, respectively, and increase our target price to $20 (from $12), while retaining our Neutral rating." Hewlett-Packard closed at $17.10 on Thursday.