Hewlett-Packard Company Rating Increased to Neutral at Goldman Sachs (HPQ)

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Hewlett-Packard Company (NYSE:HPQ) was upgraded by stock analysts at Goldman Sachs from a “sell” rating to a “neutral” rating in a report issued on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $32.00 target price on the stock, up from their previous target price of $25.00. Goldman Sachs’ target price would suggest a potential downside of 8.99% from the company’s current price.

The analysts wrote, “bear case was wrong,” with the Sell rating based on Hewlett-Packard’s secular challenges. The analyst emphasized that management has executed “far more effectively than we anticipated.” Shares of Hewlett-Packard are up 50.5 percent from April 2, 2013, when Goldman put the company on its Sell List. The analyst wrote, “Following HP Discover in Las Vegas, we walk away incrementally more positive on the progress of the turnaround. While our view on many of HP’s end markets remains cautious, restructuring efforts have gone a long way towards “right-sizing” the cost base, providing a sustained buffer to our secular concerns. Further, robust cash generation amidst this period of change has been commendable and continues to outpace our expectations.”

A number of other firms have also recently commented on HPQ. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Hewlett-Packard Company in a research note on Friday, May 30th. They now have a $40.00 price target on the stock. Separately, analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Hewlett-Packard Company in a research note on Tuesday, May 20th. Finally, analysts at Brean Capital raised their price target on shares of Hewlett-Packard Company from $34.00 to $40.00 in a research note on Monday, May 19th. They now have a “buy” rating on the stock. Eleven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Hewlett-Packard Company currently has an average rating of “Buy” and a consensus target price of $33.19.

Shares of Hewlett-Packard Company (NYSE:HPQ) opened at 35.16 on Thursday. Hewlett-Packard Company has a one year low of $20.25 and a one year high of $35.20. The stock has a 50-day moving average of $33.02 and a 200-day moving average of $30.4. The company has a market cap of $65.797 billion and a P/E ratio of 12.38. Hewlett-Packard Company also saw a large growth in short interest in the month of May. As of May 30th, there was short interest totalling 30,007,034 shares, a growth of 10.9% from the May 15th total of 27,053,365 shares. Approximately 1.6% of the company’s shares are sold short. Based on an average daily volume of 16,315,825 shares, the days-to-cover ratio is currently 1.8 days.

Hewlett-Packard Company (NYSE:HPQ) last announced its earnings results on Thursday, May 22nd. The company reported $0.88 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.88. The company had revenue of $27.30 million for the quarter, compared to the consensus estimate of $27.41 billion. During the same quarter last year, the company posted $0.87 earnings per share. Hewlett-Packard Company’s revenue was down 1.0% compared to the same quarter last year. On average, analysts predict that Hewlett-Packard Company will post $3.72 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Wednesday, July 2nd. Investors of record on Wednesday, June 11th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend is Monday, June 9th. This is an increase from Hewlett-Packard Company’s previous quarterly dividend of $0.15.

Hewlett-Packard Company (NYSE:HPQ) is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses (SMBs) and large enterprises, including customers in the Government, health and education sectors.

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