Goldman Sachs Upgrades Hewlett-Packard (HPQ) to Neutral
Get Alerts HPQ Hot Sheet
Rating Summary:
16 Buy, 20 Hold, 2 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Goldman Sachs upgraded Hewlett-Packard (NYSE: HPQ) from Sell to Neutral with a price target of $32.00 (from $25.00).
Analyst Bill Shope said, "Our Sell rating was largely based on the secular challenges facing many of HP’s businesses and our view that restructuring was somewhat counterproductive following years of underinvestment by previous management regimes. Our thesis has been proven wrong as HP management has executed far more effectively than we anticipated."
"Following HP Discover in Las Vegas, we walk away incrementally more positive on the progress of the turnaround. While our view on many of HP’s end markets remains cautious, restructuring efforts have gone a long way towards “right-sizing” the cost base, providing a sustained buffer to our secular concerns. Further, robust cash generation amidst this period of change has been commendable and continues to outpace our expectations. While we are not yet comfortable assuming top line growth, we are more comfortable with the LT margin trajectory and are raising our FY14/FY15/FY16 EPS estimates to $3.70/$3.93/$4.06 from $3.64/$3.52/$3.60 previously," he added. .
For an analyst ratings summary and ratings history on Hewlett-Packard click here. For more ratings news on Hewlett-Packard click here.
Shares of Hewlett-Packard closed at $33.25 yesterday.
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