JPMorgan Upgrades HP, Inc. (HPQ) to Overweight; 'Strong Print and Guide'
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(Updated - February 26, 2021 5:24 AM EST)
JPMorgan analyst Paul Coster upgraded HP, Inc. (NYSE: HPQ) from Neutral to Overweight with a price target of $35.00 (from $28.00).
The analyst comments "HPQ stock is trading at ~8x our CY21E PF EPS estimate and ~6x our CY21E EBITDA, which are discounts to the three-year averages of ~9.2x and 6.8x, respectively. We are incrementally constructive on the stock, on rebounding Printing demand and margins, and continued strength in personal systems; $1B in quarterly share buybacks should provide support near term. We expect HPQ to outperform the mean of our IT Hardware coverage universe over the next 6-12 months."
Shares of HP, Inc. closed at $28.19 yesterday.
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