UPDATE: Credit Suisse Raises Price Target On Hewlett-Packard As Multiple Paths Drive Upside

In a report published Tuesday, Credit Suisse analyst Kulbinder Garcha reiterated an Outperform rating on

, and raised the price target from $45.00 to $50.00. In the report, Credit Suisse noted, “PCs more predictable, challenges on fundamentals remain. We are publishing new PC estimates showing 0.1%/0.9% growth in 2015/2016 and despite this low growth, the PC market appears more predictable than in recent years. Although our IT survey suggests that incumbents will continue to struggle from the impact of the cloud, our Enterprise revenue estimate of a 2.4% decline in FY15 adequately reflects this.” Hewlett-Packard closed on Monday at $39.57.