Citi Reiterates a 'Buy' on Hewlett-Packard Co (HPQ), Raises Price Target
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Citi reiterates a 'Buy' on Hewlett-Packard Co (NYSE: HPQ), increases price target from $56 to $58.
Citi analyst says, "We consider HPQ the company within hardware most likely to grow non-GAAP EPS during 2009. Our confidence stems from the razor blade/razor nature of the inkjet business (HPQ’s most profitable), price increases on supplies, EDS cost synergies, other cost reductions, favorable component pricing and share repurchase. Valuation of 9X FY09E non-GAAP EPS also looks compelling given double-digit EPS growth in a better environment and a 10% free cash flow yield."
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 in the public and education sectors.
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