UPDATE: JPMorgan Upgrades HP, Inc. (HPQ) to Overweight
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JPMorgan analyst Paul Coster upgraded HP, Inc. (NYSE: HPQ) from Neutral to Overweight with a price target of $24.00.
The analyst comments "HPQ stock is trading at ~7.4x our CY20E PF EPS estimate and ~5.4x EV/ CY20E EBITDA, discounts to 3-year averages of 10.2x and 7.3x, respectively. We think the discounts are starting to look attractive, assuming there is a recovery in demand once COVID-19 is contained and the firm starts to buy back shares under the go-it-alone strategy. We also think a potential combination with XRX could be value creating for HPQ shareholders. We therefore expect HPQ to out-perform the mean of our IT Hardware coverage universe over the next 6 - 12 months."
Shares of HP, Inc. closed at $19.36 yesterday.
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