UPDATE: Jefferies Reiterates Underperform Rating, Raises PT on Hewlett-Packard Company on Good FQ1 Results

In a report published Friday, Jefferies reiterated its Underperform rating on Hewlett-Packard Company

, and raised its price target from $10.00 to $13.50. Jefferies noted, “HP reported better FQ1 results of $28.4B/$0.82 (JEF $26.7B/$0.69, St $27.8B/$0.71) with the EPS upside driven by the four major Services contracts now running off in H2, better ISS server sales, and better IPG OM. FQ2 guidance was also stronger than expected though FY13 guidance was maintained. We raise our estimates to the low-end of guidance due to HP's solid execution but see continued headwinds and risks.” Hewlett-Packard Company closed on Thursday at $17.10.