Market Overview

Shares Of Hewlett-Packard Trend Higher On Goldman Sachs Upgrade

Related HPQ
Oracle Corp. Misses Q1 Views; Shuffles Top Managers
Rackspace Hosting, Inc. Kills Merger Plan, Stock Tumbles
Good Time to Buy Avago Technology? (Fox Business)

In a report published Thursday, Goldman Sachs analyst Bill Shope upgraded shares of Hewlett-Packard (NYSE: HPQ) from Sell to Neutral and raised the price target from $25.00 to $32.00.

Shope remarked that his "bear case was wrong," with the Sell rating based on Hewlett-Packard's secular challenges. The analyst emphasized that management has executed "far more effectively than we anticipated."

Shares of Hewlett-Packard are up 50.5 percent from April 2, 2013, when Goldman put the company on its Sell List.

The analyst wrote, "Following HP Discover in Las Vegas, we walk away incrementally more positive on the progress of the turnaround. While our view on many of HP's end markets remains cautious, restructuring efforts have gone a long way towards “right-sizing” the cost base, providing a sustained buffer to our secular concerns. Further, robust cash generation amidst this period of change has been commendable and continues to outpace our expectations."

Goldman raised FY14, FY15 and FY16 estimates from $3.64/$3.52/$3.60 to $3.70/$3.93/$4.06, respectively.

Shares of Hewlett-Packard closed at $33.25 on Wednesday. The stock is currently up 1.83 percent at $33.84.

Latest Ratings for HPQ

DateFirmActionFromTo
Aug 2014BarclaysMaintainsOverweight
Aug 2014UBSMaintainsNeutral
Aug 2014FBN SecuritiesUpgradesSector PerformOutperform

View More Analyst Ratings for HPQ
View the Latest Analyst Ratings

Posted-In: Bill Shope Goldman SachsAnalyst Color Upgrades Price Target Analyst Ratings

 

Related Articles (HPQ)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters