JPMorgan raised the firm’s price target on HP Inc. to $40 from $35 and keeps an Overweight rating on the shares. The analyst also added the shares to JPMorgan’s Analyst Focus List as a value idea. The recent data point for Q2 PC sales up 8% quarter-over-quarter further reinforced the firm’s positive view in relation to a recovery of the PC cycle, with the digestion of inventory in the channel marking the first stage of the recovery, the analyst tells investors in a research note. JPMorgan gives HP an earnings multiple towards the high end of its trading range in the early ramp of the recovery.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on HPQ:
- HP Inc. Announces Pricing for its Cash Tender Offer
- Early notable gainers among liquid option names on July 11th
- HP Inc. announces early tender results for cash tender offer
- HP Inc. Announces Early Tender Results for Cash Tender Offer; Increase in the Maximum Amount
- Citi opens ‘positive catalyst watch’ on HP Inc. into earnings