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Baird Ups HP to Outperform

Robert W. Baird upgraded Hewlett-Packard (HPQ) to outperform, noting the technology company's recently announced second quarter results.

HP posted second quarter earnings per share (EPS) of 51 cents and said it expects to have 41 cents to 44 cents EPS in the third quarter.

Analyst Daniel Renouard says the news demonstrates HP's continued execution on its turnaround strategy, which he believes should drive EPS upside. He says shares have traded down 8% over the last month, hurt by concerns of the increasingly competitive environment. He upgrades primarily on valuation amid prospects for continued improvement in near term results and long term benefits from opportunities in the company's enterprise, digital home, and an optimized business model. He believes current levels offer long-term investors an attractive risk/reward scenario. He raises his $35 stock price target to $40.

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