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.
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