UPDATE: Sterne Agee Raises Hewlett-Packard's PT

According to a research report published this morning, Sterne Agee has increased Hewlett-Packard's

PT from $31 to $33. In the report, Sterne Agee commented, "HPQ reported a big April quarter upside. This was surprising in light of weak results from DELL and CSCO. The key takeaway is that HPQ's turnaround efforts appear to be progressing better than expected and the company is arguably better positioned with its smaller 31% exposure to PCs. Company guided its July quarter lower but its bigger than expected restructuring enables FY12 EPS upside." Sterne Agee maintains its Buy rating on Hewlett-Packard, which closed yesterday at $21.08.