H-P Shares Rise as Citi, Morgan Stanley Positive Ahead of Q3 Earnings, Analyst Day in Oct.
Shares of Hewlett-Packard (NYSE: HPQ) are up nearly 3 percent Tuesday morning as a number of analysts are making positive comments on the name. With about four hours left in the intraday-trading session, HP shares are trading around $27.42.
Citi's Jim Suva added shares of HP to the firm's "US Focus List" and also reiterated a Buy rating and $32 price target. Suva cited the company's upcoming Q3 results and analyst day as positive catalysts. The analyst believes HP will issue "at least" inline FY14 guidance at the analyst day.
Morgan Stanley's Katy Huberty released a note saying she is anticipating better-and-better odds HP will hit her bull case target of $34. Huberty, similarly to Suva, cited earnings on Wednesday of next week and the analyst day in October. The Morgan Stanley analyst sees the company benefiting from a solid recovery in US IT spending as well as HP's internal restructuring savings.
Volume in Hewlett-Packard is sitting on the heavy side of things Tuesday. About two hours into the trading session, more than 8.2 million shares of HPQ have traded hands, compared to average daily volume of 13 million shares.
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