HP Upgraded by RBC

HP received an investment-rating upgrade Thursday to outperform from sector perform from RBC Capital Markets, which also raised its price target on the shares of the provider of personal computers and other devices and technologies “to reflect improved PC/print end-market fundamentals and share gains.” The new price target from RBC is $22 per share, up from $21. The shares closed Wednesday at $18.70 and have a 52-week high of $19.58.

In a note to clients, RBC said its upgrade of HP’s shares comes as the firm sees “a host of tailwinds stacking up in their favor that should result in a string of beats/raises.” It highlighted stabilizing PC fundamentals, challenges at competitor Lenovo, room for imaging and printing group supplies to show better growth and margins potentially improving, and foreign-exchange tailwinds.

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