Kaufman Brothers Has A Buy Rating On Hewlett-Packard (HPQ, AAPL, RIMM)
Kaufman Brothers released a report today reiterating their Buy rating and $60.00 price target on shares of Hewlett-Packard (NYSE: HPQ). The firm said that a recent ITC ruling in favor of HPQ against violators of its inkjet patents is a positive development for the company in protecting its IP and lucrative printer business. The firm also said that along with Apple (NASDAQ: AAPL) and Research in Motion (NASDAQ: RIMM), Hewlett-Packard remains among their highest conviction mega-cap tech ideas.
Kaufman analysts wrote that "we remain buyers of HPQ shares as we find its valuation at 12X our CY10 EPS inexpensive. We see HPQ as a fairly defensive play with its recurring profit streams, broad portfolio and geographic exposure and room for operating leverage." The firm's price target is based on 13.5X their CY10 EPS estimate of $4.44. During today's trading session, the stock has gained 0.38% to $52.69.
