Hewlett-Packard (HPQ) Price Target Raised to $45 at Deutsche Bank

Deutsche Bank maintained a Buy rating on Hewlett-Packard (NYSE: HPQ) and raised its price target to $45.00 (from $40.00).

Analyst Sherri Scribner said, "HPQ reports F4Q-14 earnings Tues, Nov 25 after the close. We expect a relatively in-line Q, with the potential for higher EPS driven by buybacks. We believe OpMgns will improve Q/Q and Y/Y driven largely by Enterprise Services margins. We believe most investors will be focused on the details of the split, however we do not expect additional detail on the split during the call beyond what HPQ has already provided. As a result of higher buybacks, we have adjusted our EPS higher for FY-15E and FY16E. We have also raised our PT to $45 from $40, driven by what we believe is a more reasonable, but still conservative, multiple of 11x FY-15E. Trading below peers, we rate HPQ a Buy."

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 $37.26 yesterday.

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