UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Hewlett-Packard Company on Return to Revenue Growth - HP (NYSE:HPQ)

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In a report published Thursday, Morgan Stanley analyst Katy L. Huberty reiterated an Overweight rating on

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Hewlett-Packard Company

(NYSE: HPQ), and raised the price target from $36.00 to $40.00.In the report, Morgan Stanley noted, “First quarter of revenue growth in 2.5 years. HP reported 1.3% revenue growth on the back of strong PC, industry standard server,and networking results.We view growth in these categories as sustainable medium-term with the possibility for further tailwinds from printers (post supplies inventory drawdown), software(post go-to-market restructuring) and enterprise services (post account run-off) in FY15.”Hewlett-Packard Company closed on Wednesday at $35.12.