Wells Fargo Securities Raises Valuation Range For Hewlett-Packard
In a report published Tuesday, Wells Fargo Securities analyst Maynard Um reiterated an Outperform rating on Hewlett-Packard (NYSE: HPQ).
In the report, Wells Fargo Securities noted, “We believe HP will likely deliver FY14 net income and free cash flow growth even absent revenue growth. While some secular headwinds persist, we believe several catalysts such as new products, mix shift benefit to margins and potential activism/divestitures/M&A could drive multiple expansion.”
Hewlett-Packard closed on Monday at $33.11.
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