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In a report published Thursday, Bank of America analyst Scott D. Craig reiterated a Buy rating on
Hewlett-PackardHPQ, and raised the price target from $39.00 to $40.00.
In the report, Bank of America noted, “EPS of $0.89 was right in line with us/Street $0.90/$0.89, even with a slight revenue beat (expected) on strength in PCs. Investors should be encouraged by the strong FCF generation ($2.6bn vs. our $2.1bn) and the higher $9bn expectation for F2014. While F4Q14 EPS guidance was in line at $1.03-$1.07 vs. our/Street prior $1.04/1.05, our EPS estimates increase modestly in F15/F16 on margin improvement in Services, which is key to the turnaround. We maintain Buy as margin improvement and strong FCF generation story remains intact.”
Hewlett-Packard closed on Wednesday at $35.12.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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