Goldman Sachs maintained a Neutral rating on Hewlett-Packard (NYSE: HPQ) with a price target of $32. Comments follow Q3 results. Analyst Bill Shope noted solid results on the top line, led by PCs.

"PCs continue to drive revenue upside, services margins are steadily recovering, and working capital management remains impressive. While we expect this to persist through the medium term, non-PC revenue and gross margin expansion will become increasingly important as we transition into 2015. Given our longer-term concerns, we maintain our Neutral rating," said Shope.

"We also revise our forecast to reflect the quarter’s results: we now forecast FY2014, FY2015 and FY2016 non-GAAP EPS of $3.74, $3.96 and $4.05, from $3.70, $3.93 and $4.06 previously," he added.

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Shares of Hewlett-Packard closed at $35.12 yesterday.