Saturday, May 29, 2010

Citi Reiterates a 'Buy' on Hewlett-Packard (HPQ); Confidence in Near-Term & Long-Term Growth Outlook

May 28, 2010 9:37 AM EDT


Citi reiterates a 'Buy' on Hewlett-Packard Co (NYSE: HPQ), price target $65.

Citi analyst says, "We reiterate a Buy on HP’s shares following a day of meetings with the co’s Imaging and Printing (IPG) management in San Diego. During the meeting, IPG management outlined its strategy for sustained IPG growth beyond the current recovery, with core distributed inkjet and laser printer growth (80-85% of IPG revenue) driven by emerging markets and share gains and non-core growth driven by Managed Print Services (MPS), Commercial/Graphic Arts, retail kiosks and minilabs (2,400 storefronts currently going to ~7000 by year-end) and workflow solutions."

To see all the upgrades/downgrades on shares of HPQ, visit here.



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