UPDATE: Citigroup Upgrades Hewlett-Packard Company to Buy, Raises PT Following Outperformance - HP (NYSE:HPQ)

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In a report published Wednesday, Citigroup analyst Jim Suva upgraded the rating on

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Hewlett-Packard Company

(NYSE: HPQ) from Sell to Buy, and raised the price target from $16.00 to $32.00.In the report, Citigroup noted, “We are upgrading Hewlett-Packard (HPQ) to Buy from Sell with a $32 target price ($4 EPS in FY15 x 8x PE multiple). We recognize HPQ shares have outperformed the market during the past 12 months with HPQ shares trading up 30% compared to the S&P500 +22% and NASDAQ at +19% but we see +25-30% more upside from current levels given our catalysts detailed below which drive our EPS estimates materially +5%/+12% above FY14/15 consensus.”Hewlett-Packard Company closed on Tuesday at $25.41.