Needham Reiterates Its Strong Buy On HPQ on the Back of 3Com Deal and Pre-Announcement
Needham reiterated its “strong buy” rating for Hewlett-Packard (NYSE: HPQ). The target price for HPQ has been raised from $51 to $60.
According to Needham, the outlook for Hewlett-Packard continues to be positive following the company’s 3Com deal and earnings pre-announcement. HPQ had recently signed a $2.7 billion deal to acquire 3Com (NASDAQ: COMS) with an aim to boost its networking business.
Hewlett-Packard also pre-announced its Q4 earnings per share of $0.99 on revenues of $30.8 billion. Excluding one-time items, HPQ expects to earn $1.14 per share.
Needham reiterated its “strong buy” rating for Hewlett-Packard (NYSE: HPQ). The target price for HPQ has been raised from $51 to $60.
According to Needham, the outlook for Hewlett-Packard continues to be positive following the company’s 3Com deal and earnings pre-announcement. HPQ had recently signed a $2.7 billion deal to acquire 3Com (NASDAQ: COMS) with an aim to boost its networking business.
Hewlett-Packard also pre-announced its Q4 earnings per share of $0.99 on revenues of $30.8 billion. Excluding one-time items, HPQ expects to earn $1.14 per share.
