Equities researchers at Sterne Agee lifted their target price on shares of Hewlett-Packard (NYSE: HPQ) from $31.00 to $33.00 in a report issued on Thursday.
The analysts wrote, “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.”
Shares of Hewlett-Packard traded up 2.32% during mid-day trading on Thursday, hitting $21.57. Hewlett-Packard has a 52 week low of $20.57 and a 52 week high of $37.70. The company has a market cap of $42.651 billion and a P/E ratio of 7.38.
Hewlett-Packard last announced its earnings results on Wednesday, May 23rd. The company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.07. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. On average, analysts predict that Hewlett-Packard will post $1.18 earnings per share next quarter.
A number of other analysts have also recently weighed in on HPQ. Analysts at Brean Murray reiterated a “hold” rating on shares of Hewlett-Packard in a research note to investors on Thursday. Separately, analysts at BMO Capital Markets reiterated a “market perform” rating on shares of Hewlett-Packard in a research note to investors on Thursday. Finally, analysts at Needham & Company reiterated an “underperform” rating on shares of Hewlett-Packard in a research note to investors on Thursday.
Hewlett-Packard Company (HP) is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses (SMBs) and large enterprises, including customers in the Government, health and education sectors.
