Gleacher & Co. Reiterates a 'Buy' on Hewlett-Packard (HPQ); Even Bill and Dave would be Proud
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Price: $24.86 --0%
Rating Summary:
6 Buy, 21 Hold, 11 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Rating Summary:
6 Buy, 21 Hold, 11 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Gleacher & Co. reiterates a 'Buy' on Hewlett-Packard (NYSE: HPQ), raises PT from $53 to $54.
Gleacher analyst says, "In our view, there were two solid performances on HPQ's October 2010 conference call that even Bill Hewlett and Dave Packard (the gents who founded HP in a Palo Alto garage in 1939) would be proud of. Despite only three weeks on the job, in our view, the most important performance came from HP's CEO (Leo Apotheker), who did exactly what was required (i.e., inform the investment community how he has been spending his time and what his focus is going forward...software). Secondly, the HP team delivered solid financial results (e.g., revenue up 8% Y/Y and EPS up 17% Y/Y) and raised guidance yet again. We believe investor apathy will start to diminish as the Street becomes more comfortable with Leo...this should translate into future multiple expansion as 8x is simply too low for HPQ."
"We have adjusted our estimates to $32,906 billion (down 1% Q/Q) and $1.29 (from $32,698 billion and $1.20 vs. the Street’s $32,765 billion and $1.22)."
For more ratings news on Hewlett-Packard click here and for the rating history of Hewlett-Packard click here.
Shares of Hewlett-Packard closed at $43.25 yesterday, with a 52 week range of $37.32-$54.75.
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Gleacher analyst says, "In our view, there were two solid performances on HPQ's October 2010 conference call that even Bill Hewlett and Dave Packard (the gents who founded HP in a Palo Alto garage in 1939) would be proud of. Despite only three weeks on the job, in our view, the most important performance came from HP's CEO (Leo Apotheker), who did exactly what was required (i.e., inform the investment community how he has been spending his time and what his focus is going forward...software). Secondly, the HP team delivered solid financial results (e.g., revenue up 8% Y/Y and EPS up 17% Y/Y) and raised guidance yet again. We believe investor apathy will start to diminish as the Street becomes more comfortable with Leo...this should translate into future multiple expansion as 8x is simply too low for HPQ."
"We have adjusted our estimates to $32,906 billion (down 1% Q/Q) and $1.29 (from $32,698 billion and $1.20 vs. the Street’s $32,765 billion and $1.22)."
For more ratings news on Hewlett-Packard click here and for the rating history of Hewlett-Packard click here.
Shares of Hewlett-Packard closed at $43.25 yesterday, with a 52 week range of $37.32-$54.75.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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