HP (NYSE:HPQ) stock is sitting pretty on Tuesday after the company got a double upgrade from Bank of America analyst analyst Wamsi Mohan.
The good news for HPQ stock today starts with the Bank of America analyst upgrading it from an “underperform” rating to a “buy” rating. To put that in perspective, the analysts’ consensus rating for HPQ shares is hold based on eight opinions.
To go along with that double upgrade, Mohan also increased his price target for HPQ stock from $25 per share to $33 per share. That represents a potential 28% upside for the stock over the next 12 months. Additionally, that’s better than the analysts’ consensus price prediction of $30.45 per share.
Why the Bull Stance on HPQ Stock?
Here’s what the Bank of America analyst said about HP in a note to clients obtained by CNBC:
“In our opinion, this multiple is justified given it balances near-term pressures the company is facing vs. long term opportunities. Positives drivers include an improving PC market backdrop, improved profitability from cost actions and stable to higher free cash flow over the next several years.”
Other HPQ stock news that traders will want to keep in mind on Tuesday is Warren Buffett selling more shares. The head of Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B) has been selling shares of HPQ over the last month. This latest sale drops his stake in the company to 10.2%.
HPQ stock is up 2.3% as of Tuesday morning.
Investors looking for even more of the most recent stock market news today will want to stick around!
We’re covering all of the biggest stock market stories that traders need to know about on Tuesday! That includes what’s happening with shares of Point Biopharma (NASDAQ:PNT) stock, Fisker (NYSE:FSR) stock and SmileDirectClub (NASDAQ:SDC) stock today. All of that news is available at the following links!
More Tuesday Stock Market News
- Why Is Point Biopharma (PNT) Stock Up 84% Today?
- FSR Stock Alert: Fisker Announces Closing of $170 Million Convertible Notes Offering
- Why Is SmileDirectClub (SDC) Stock Down 25% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
