Citi Says Buy HP (HPQ) Shares Amid All-Time Low Valuation

Hewlett-Packard (NYSE: HPQ) shares are modestly higher Monday afternoon as Citigroup's Richard Gardner is recommending investors buy the stock amid "extremely compelling" valuation.

Gardner maintains a $45 price target on shares of HP.

The analyst points out shares currently trade at just 6x Citi's FY12 EPS estimate, below the trough valuation of 7x during the 2008 recession. Gardner says this level of valuation marks an all-time low for HP shares.

With the stock up 0.3 percent to around $32.43 this afternoon, Gardner's price target suggests potential upside of about 39 percent.

Visit our Analyst Ratings page to track all the market-moving analyst calls on shares of Hewlett-Packard.

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