Hewlett-Packard Company (NYSE:HPQ): Wells Fargo Analysts Reiterated “Outperform” Rating

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Dallas, Texas 05/22/2014 (FINANCIALSTRENDS) – The stock of Hewlett-Packard Company (NYSE:HPQ) was reassigned an “outperform” rating by equity research analysts at Wells Fargo & Co. (NYSE:WFC) in a research note released on Tuesday, May 20, 2014. The rating was reiterated as Well Fargo analyst believes that the Hewlett-Packard is likely to report net income and free cash flow growth for FY14 even if revenue remains flat. The analyst regarded new products, and mix shift could potentially benefit the company while mergers and acquisitions, divestitures or potential activism could help drive multiple expansions.

According to research firm Gartner, HP Company is doing well in EMEA region with market share growing to 16% of the PC market with 12.2 million units in the recently ended quarter as compared to 15.1% or 11.78 million units in a year ago quarter. The Street also recently mentioned that HP is still driving large portion of its revenue from PCs and Printers segments despite overall downtrend in the PC industry.

Rating Updates:

The stock of Hewlett-Packard Company (NYSE:HPQ) has also received ratings updates from number research firms in recent time. Equities research analysts at Brean Capital upgraded their price target on shares of the HP to $40 from a previously set target price of $34, in a research note released on Monday, May 19, 2014. They now maintain a “buy” rating for the stock.

Investment analysts at Pacific Crest also upgraded the stock of HP from a “sector perform” rating to an “outperform” rating. They now maintain a price target of $37 on the stock. Equity analysts at S&P Equity Research also upgraded the stock of HP to a “buy” rating.

Consensus Estimate:

The stock of Hewlett-Packard Company (NYSE:HPQ) has been assigned a “hold” rating by fourteen research analysts following the stock; and a “buy” rating by fourteen analysts. HP Company currently has a consensus rating of “buy” with an average price target of $31.55.

Stock Update:

Yesterday, the stock closed at $32.52, losing 0.85% from its previous close.