Jefferies Upgrades Hewlett-Packard (HPQ) to Buy

Jefferies upgraded Hewlett-Packard (NYSE: HPQ) to Buy with a price target of $40.

The firm states, "We believe HP is well positioned for the transition to the cloud and risks are priced in at 5x FY12E. For the July Q, we see upside to consensus for Dell but a slight risk for HP. Our checks indicate consumer PC weakness has intensified as back-to-school PC sales are disappointing; however, enterprise spending continues."

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 $31.05 yesterday.

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