Market Overview

Wells Fargo Reiterates on Hewlett-Packard, Raises Valuation

Related HPQ
Stocks To Watch For July 18, 2014
UPDATE: HP Announces Meg Whitman Appointed To Chair Board Of Directors, Pat Russo Appointed Lead Independent Director
Apple, IBM Enterprise Pact Faces Huge Challenges (Fox Business)

In a report published Friday, Wells Fargo analyst Maynard Um reiterated Outperform on Hewlett-Packard (NYSE: HPQ), raising its valuation to $32.00-34.00.

According to the report, following a meeting with CEO, Meg Whitman, Wells Fargo analysts remain confident that HP is executing and on track with its plan. Some of their key takeaways include potential further non-labor cost saving opportunities that can help costs, HP still at the beginning of recognizing benefits from its platform and SKU reduction and HP forecasts do not embed recovery in Europe.

“We believe Meg Whitman was very optimistic, but balanced and realistic relative to various core market trends and HP's opportunity – in areas that are challenged or declining, the company is managing its portfolio of assets and aligning the cost structure to the realities; in other areas, there was a general optimism about the company's portfolio with a focus more on organic innovation,” the report noted. “Systems and processes are now in place and Meg Whitman believes she now has the right business leadership to drive forward.” HPQ closed Thursday at $27.61.

Posted-In: Maynard Um Wells FargoAnalyst Color Reiteration Analyst Ratings

 

Most Popular

Related Articles (HPQ)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters