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Hewlett-Packard Upgraded to “Buy” at Jefferies (HPQ)

PC and printer maker Hewlett-Packard Company ( HPQ ) on Friday caught a big upgrade from analysts at Jefferies & Co.

The firm said it boosted its rating on HPQ from "Hold" to "Buy" with a $40 price target. That target suggests a massive 29% upside to the stock's Thursday closing price of $29.05.

Jefferies noted that the company is well-positioned for transition to the so-called computing "cloud."

Hewlett-Packard shares were unchanged in premarket trading Friday.

The Bottom Line

Shares of Hewlett-Packard ( HPQ ) have a 1.55% dividend yield, based on last night's closing stock price of $31.05. The stock has technical support in the $27-$30 price area. If the shares can firm up, we see overhead resistance around the $34-$36 price levels.

Hewlett-Packard Company ( HPQ ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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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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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