PC and printer maker Hewlett-Packard Company ( HPQ ) on Tuesday saw its "Buy" rating reiterated by analysts at Citigroup.
The frim also backed its $65 price target on HPQ, which suggests a massive 57% upside to the stock's Monday closing price of $41.49.
Citi said it feels HPQ is "significantly undervalued" at current levels, noting possible upside in second quarter guidance could be a near-term catalyst for the stock. The analyst came to the defense of the stock following the company's 50% dividend raise last night .
Hewlett-Packard shares fell 97 cents, or -2.3%, in premarket trading Tuesday.
The Bottom Line
Shares of Hewlett Packard ( HPQ ) have a 1.16% dividend yield, based on the higher dividend payout and last night's closing stock price of $41.43. The stock has technical support in the $38 price area. If the shares can firm up, we see overhead resistance around the $44 price level.
Hewlett-Packard Company ( HPQ ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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